tool name

Friday, Oct. 30, 2009

State approves loan for new business to hire 65 in Lexington

State officials on Thursday approved a $250,000 forgivable loan for a high-tech company locating in Lexington.

Laboratory and BioDiagnostics LLC, or LabDx, plans to develop improved technology for the electronic delivery of results from health-analyzing instruments.

In announcing the company's funding, the Bluegrass Business Development Partnership said LabDx plans to hire 65 workers at average annual salaries of $50,000. The capital investment is expected to be more than $7 million.

The company also was approved for up to $113,048 in tax incentives by the Kentucky Economic Development Finance Authority in July.

The KEDFA board also approved the following tax incentives Thursday. In general, when a company is approved for tax incentives, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.

■ Greenleaf Plant Food Wholesale in Danville was approved for $400,000 for an expansion. The company also was approved for an additional $70,000 under a separate financial incentives program. Greenleaf sells bagged and bulk fertilizer and feed.

■ SkyLift LLC in London, which manufactures cranes and bucket trucks, was approved for $170,000 in tax incentives for an expansion.

■ Hitachi Automotive Products in Harrodsburg was approved for $2.88 million in tax incentives for an expansion to build high-pressure fuel pumps. It also was approved for an additional $35,257 under another tax incentive program.

■ American Greetings in Danville was approved for $1.5 million for an expansion.

■ Jim Beam Brands was approved for $6.3 million for an expansion in Franklin County.

■ International Technical Coatings in Franklin County was approved for $100,000 in tax incentives for an expansion. The company is a wire fabricator.