The Kentucky Economic Development Finance Authority board approved tax incentives for companies, including Murakami Manufacturing USA, 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:
■ Anchor Packaging Inc., in Mount Vernon, $4 million to open a location to manufacture specialized packaging for the food service industry. The company estimates the location will cost $7.67 million. It is expected to add 150 jobs that pay an average hourly wage of $16, including benefits.
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■ Murakami Manufacturing USA in Campbellsville, $750,000 to add a warehouse at its operation that produces rearview mirrors for vehicles. The company estimates the expansion will cost $1.31 million. It is expected to add 50 jobs that pay an average hourly wage of $13.50, including benefits. The company was also approved for $63,000 in incentives under a different program.
■ Taica Corporation in Winchester, $500,000 to open a facility to manufacture supplies for the auto industry. The company estimates the location will cost $8.05 million. It is expected to add 30 jobs that pay an average hourly wage of $20, including benefits.
■ Felker Brothers in Glasgow, $190,000 to expand a factory that produces pipes. The company estimates the expansion will cost $916,900. It is expected to add 12 jobs that pay an average hourly wage of $20.45, including benefits.
■ Tru-Check in Somerset, $225,000 to expand the headquarters of the company, which provides automated meter reading services to utilities. The company estimates the expansion will cost $1.25 million. It is expected to add 10 jobs that pay an average hourly wage of $12.65, including benefits.
■ Katayama American Company Inc. in Shelbyville, $48,000 to expand its operation that manufactures door sash assemblies and trim moldings for automakers. The company estimates the expansion will cost $1.96 million. This tax incentive program does not require job creation.
Also, the board approved a $100,000 forgivable loan to a software company locating in Lexington. CirrusMio is a newly formed subsidiary of a Virginia-based company and will develop cloud-based software for use by public sector organizations. The forgivable loan will be used by the company to purchase equipment, hardware, software and intellectual property protection. Under the terms of the agreement, the company is to create 10 jobs paying an average annual salary of $69,500 by Dec. 31, 2014. The jobs must be maintained through Dec. 31, 2017.