State approves tax incentives for expanding companies

ssloan@herald-leader.comOctober 31, 2012 

The Kentucky Economic Development Finance Authority board approved tax incentives for companies, including Integrated Security Solutions and YH America, that are considering new investments in the state at its monthly meeting last week. The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.

In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal. Here are selected board preliminary approvals, unless otherwise noted:

■ Integrated Security Solutions in Nicholasville, $200,000 to open a technical support facility for its operations, which include selling and installing video recorders and cameras for convenience stores. The company estimates the expansion will cost $2.03 million. It is expected to add 10 jobs that pay an average hourly wage of $13, including benefits. The company was also given preliminary approval for an additional $50,000 in incentives under a different program.

■ YH America in Versailles, $200,000 to add a second line for manufacturing automotive sealant products. The company estimates the expansion will cost $5.09 million. It is expected to add 10 jobs that pay an average hourly wage of $17, including benefits. The company was also given preliminary approval for an additional $70,000 in incentives under a different program.

■ INFAC North America in Campbellsville, $300,000 to build a new location for its expanding automotive control cabling production. The company estimates the new location will cost $6.56 million. This tax incentive program does not require job creation.

■ Middlesboro Coca-Cola Bottling Works in Middlesboro, $50,000 to expand its warehouse. The company estimates the expansion will cost $1.3 million. This tax incentive program does not require job creation.

■ Soelberg Industries of Kentucky in London, $275,000 to open a factory to produce architectural panels. The company estimates the location will cost $1.51 million. It is expected to add 30 jobs that pay an average hourly wage of $12.51, including benefits.

■ Meggitt Aircraft Braking Systems Kentucky in Danville, final approval of $2 million to expand its facility that makes carbon brake discs for the airline industry. The company estimated the expansion would cost $7.29 million. It was expected to add 63 jobs that were to pay an average hourly wage of $19, including benefits.

■ 3M in Cynthiana, final approval of $2.46 million to upgrade equipment and employee training. The company preliminarily estimated the actions would cost $5.5 million. This tax incentive program does not require job creation, only maintaining a certain percentage of existing jobs.

■ Caterpillar in Danville, final approval of $500,000 to upgrade equipment. The company preliminarily estimated the actions would cost $2.85 million. This tax incentive program does not require job creation, only maintaining a certain percentage of existing jobs.

Scott Sloan: (859) 231-1447. Twitter: @HeraldLeaderBiz

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