State OKs tax incentives for companies, including 2 distilleries

ssloan@herald-leader.comFebruary 1, 2013 

The Kentucky Economic Development Finance Authority board approved tax incentives for companies, including Wild Turkey Distillery and Heaven Hill Distilleries, that are considering new investments in the state at its monthly meeting Thursday. 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:

■ Heaven Hill Distilleries in Bardstown, $300,000 to add two new barrel aging warehouses. The company estimates the expansion will cost $10.23 million. It is expected to add 10 jobs that pay an average hourly wage of $20, including benefits. The company was also preliminarily approved for $150,000 more in incentives under a different state program.

■ Wild Turkey Distillery in Lawrenceburg, $100,000 to build a new barrel warehouse with storage space for 50,000 barrels. The company estimates the expansion will cost $4.83 million. This tax incentive program does not require new jobs to be created.

■ American Stave Company in Morehead, $950,000 to open a stave mill for its barrel manufacturing operations. The company estimates the location will cost $7.2 million. It is expected to add 70 jobs that pay an average hourly wage of $19, including benefits. The company was also preliminarily approved for an additional $54,000 in incentives under a different state program.

■ KentuckyOne Health in Louisville, $240,000 to relocate the headquarters of the organization formed in 2012 with the merger of Jewish Hospital & St. Mary's HealthCare in Louisville and Saint Joseph Health System in Lexington. The organization estimates the expansion will cost $5.5 million. It is expected to add 10 jobs that pay an average hourly wage of $79, including benefits.

■ YS Precision Stamping in Georgetown, $1 million to open a metal stamping facility to serve the automotive industry. The company estimates the opening will cost $9.95 million. It is expected to add 100 jobs that pay an average hourly wage of $22, including benefits.

■ Wilbert in Lebanon, $2.1 million to expand its facility that produces interior trim for Ford vehicles. The company estimates the expansion will cost $7.58 million. It is expected to add 100 jobs that pay an average hourly wage of $14, including benefits. The company was also preliminarily approved for an additional $50,000 in incentives under a different state program.

■ TransNav Technologies in Danville, $500,000 to expand its plastic injection molding plant. The company estimates the expansion will cost $5.5 million. It is expected to add 60 jobs that pay an average hourly wage of $12, including benefits.

■ ChemSolutions in Lexington, $400,000 to expand its chemical manufacturing operations. The company estimates the expansion will cost $3.4 million. It is expected to add 25 jobs that pay an average hourly wage of $18, including benefits. The company was also preliminarily approved for an additional $50,000 in incentives under a different state program.

■ Hummingbird Nano in Lexington, $300,000 to expand its operations that manufacture items for the health and biotechnology industries. The company estimates the expansion will cost $551,591. It is expected to add 18 jobs that pay an average hourly wage of $22, including benefits.

■ John F. Ruggles Jr. in Versailles, $100,000 to expand its custom signage operations. The company estimates the expansion will cost $3.8 million. It is expected to add 10 jobs that pay an average hourly wage of $14, including benefits. The company was also preliminarily approved for $25,000 more in incentives under a different state program.

■ Hearthside Food Solutions in London, final approval of $1.2 million for an expansion of its operation baking cookies and crackers. The company estimated the expansion would cost $1.46 million. It was expected to add 80 jobs that pay an average hourly wage of $21.69, including benefits.

■ Black Mountain Door in Mount Sterling, final approval of $2 million for the opening of a facility to manufacture doors. The company estimated the location would cost $27.5 million. It was expected to add 60 jobs that pay an average hourly wage of $14, including benefits.

Scott Sloan ssloan@herald-leader.com

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

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