The Kentucky Economic Development Finance Authority board at its monthly meeting Thursday approved tax incentives for companies, including Alltech in Winchester, that are making and 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. Here are selected board approvals, which are preliminary unless otherwise noted:
■ Alltech, final approval of $3 million to open a facility to research and manufacture algae-based technologies. The company estimated the opening would cost $14 million. It was expected to add 10 jobs immediately, and 40 within six years, that pay an average hourly wage of $18, including benefits.
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■ Thunder Tool & Manufacturing in Richmond, $650,000 to open a metal stamping facility. The company estimates the facility will cost $2.2 million. It is expected to add 45 jobs that pay an average hourly wage of $20, including benefits.
■ Green Boiler Technologies in Danville, $300,000 to expand its manufacturing facility that produces boilers, water heaters and other products. The company estimates the expansion will cost $365,000. It is expected to add 27 jobs that pay an average hourly wage of $20, including benefits.
■ Cobb Vantress in Glasgow, $350,000 to open a feed manufacturing facility. The company estimates it will cost $15.2 million. It is expected to add 17 jobs that pay an average hourly wage of $17, including benefits. The company also was approved for an additional $230,000 in incentives under a different program.
■ The KEDFA board approved a $200,000 forgivable loan to Allylix, an aroma chemical company with a research lab in Lexington. The company plans to use the funding to purchase equipment. It is required to create eight new jobs by June 30, 2015, beyond its existing 16-person work force here. The jobs are to pay $68,000 annually. In April, the company was given preliminary approval for $300,000 in tax incentives under a different program.
■ The board approved a one-year extension for a grant to benefit the Kentucky-Argonne National Battery Manufacturing Research and Development Center at the University of Kentucky. The $315,000 remaining of the $3.5 million grant is expected to be spent on battery testing and quality control equipment.
■ The board approved a delay in requiring HFL Sport Science to create a certain number of jobs. The company, which has a drug-testing lab for Thoroughbred and harness racing in Lexington, has created four jobs as of June 6. Under terms of a $425,000 forgivable loan approved in December 2009, the company was to create 25 jobs by this time.
The company has told the state, according to documents, that "job growth has been slower than anticipated due to the timing of contracts becoming available to bid."