Trade publication Business Facilities has named a tax incentive deal between the state of Kentucky and Ford as its 2011 Economic Development Deal of the Year. The project was selected the winner in a field that included 23 others across the country, according to a state-issued news release.
"Our strategic effort to secure Ford's long-term investment in Kentucky and its workers was a win-win situation for all, resulting in $1.2 billion in new investment and 3,100 new jobs announced within 10 months' time," said Gov. Steve Beshear in the statement.
Business Facilities Editor-in-Chief Jack Rogers added that the publication's judges "really were impressed by the creative use of incentives in this project." He noted the package "was structured in a way that it could be renegotiated to induce additional investments made at either of Ford's plants in Louisville, giving the state more flexibility to negotiate."
Ford will get $240 million in tax incentives for the Louisville project from Kentucky and local governments over the next decade.