The Kentucky Economic Development Finance Authority board, during its monthly meeting Thursday, approved tax incentives for companies — including Brown Jordan International and Tammcor Industries — that are considering new investments in the state.
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.
Among board preliminary approvals:
■ Brown Jordan International in Simpsonville, $500,000 to construct a distribution center for its outdoor furniture products. The company estimates the project will cost $3.9 million. It is expected to add 12 jobs that pay an average hourly wage of $17.31, including benefits.
■ Tammcor Industries in Nicholasville, $800,000 to expand its facility that produces sub-assembly components for industries including automotive. The company estimates the expansion will cost $10.5 million. It is expected to add 42 jobs that pay an average hourly wage of $16, including benefits.
The board gave final approval for ASC Inc. in Lexington, $200,000 to expand automotive operations. The company estimated the expansion would cost $600,000. It was expected to add 10 jobs that pay an average hourly wage of $15, including benefits.
The board also approved the following extensions to previously approved projects:
■ One year for CSC in Pulaski County to complete a $2.11 million expansion that is expected to create 200 jobs. The project was previously approved for $1 million in incentives.
■ One year for nGimat in Lexington for a new location that is expected to cost $1.6 million and create 50 jobs. The project was previously approved for $550,000 in incentives.
■ One year for Sherwin Williams in Madison County for a $2.33 million expansion that is expected to create 27 jobs. The project was previously approved for $740,000 in incentives.
The board also approved a second six-month extension for Lexington's Transposagen Biopharmaceuticals to spend $85,000 remaining as part of a $325,000 forgivable loan first approved in December 2008.
Scott Sloan, email@example.com