The Kentucky Economic Development Finance Authority board approved tax incentives for companies — including GE Lighting, Tempur-Pedic, Maker's Mark and Sub Zero Wolf — 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:
■ GE Lighting in Lexington, $600,000 to add equipment to produce an energy-efficient directional display lamp. The company estimates the expansion will cost $7.25 million. It is expected to add 36 jobs that pay an average hourly wage of $25, including benefits. The company was also approved for $16,800 in incentives under a different program.
■ Tempur-Pedic International in Lexington, $589,500 to build a new headquarters location. The company estimates the expansion will cost $17 million. In April, the company was preliminarily approved for $8 million in incentives under a separate state program for the same project. The expansion will add 65 jobs over the next five years.
■ Maker's Mark Distillery in Loretto, $139,000 to construct two new warehouses for storing and aging bourbon. The company estimates the expansion will cost $7.38 million. The tax incentive program through which the project was approved does not require job creation.
■ Denyo Manufacturing in Danville, $783,000 to modernize a plant that produces industrial electric generators. The company estimates the modernization will cost $6.85 million. Under the Kentucky Reinvestment Act incentive program, Denyo is required to retain 86 of the 101 current jobs at the plant. The company was also approved for $60,000 in incentives under a different program.
■ Phoenix Products in McKee, $1 million to expand a facility that produces aircraft components. The company estimates the expansion will cost $1.2 million. It is expected to add 25 jobs that pay an average hourly wage of $15, including benefits.
■ Rogers Foam in Mount Sterling, final approval for $200,000 to expand a manufacturing line. The company estimates the expansion also cost $200,000. It is expected to add 20 jobs within two years that pay an average hourly wage of $11, including benefits.
■ Topura America Fastener in Bowling Green, final approval for $675,000 for an expansion of a facility that manufactures automotive and industrial fasteners and screws. The company estimates the expansion cost $9.34 million. It is expected to add 30 jobs within a year that pay an average hourly wage of $15.76, including benefits.
■ Calgon Carbon in Catlettsburg, final approval for $1.2 million for an expansion of a facility involved in the purifying of air and water. The company estimates the expansion cost $62 million. It is expected to add 39 jobs within two years that pay an average hourly wage of $28.18, including benefits.
■ The KEDFA board also gave its approval for the issuance of tax-exempt revenue bonds not to exceed $336 million on behalf of Catholic Health Initiatives. The organization plans to use the bond proceeds for capital expenditures and to refinance debt used to redeem prior bonds.
■ The board also approved a six-month extension for Sub Zero Wolf in Madison County to complete a project that's expected to create 100 jobs. It was preliminarily approved for $1.5 million in incentives in July 2007.