The Kentucky Economic Development Finance Authority board approved tax incentives Thursday for two offices of XPO Logistics and other companies considering and making new investments in the state.
The approval of tax incentives outlines the state's commitment to a project if it should occur in Kentucky.
The Lexington-Fayette Urban County Government received a second amendment to the tax incentive agreement — also known as a TIF — to extend the activation date of the Red Mile TIF project from Aug. 25, 2013, to Aug. 25, 2015.
The Red Mile's developer had requested $54 million in TIF funding in 2010 for a project to include a remodeled 1,900-seat grandstand; a trackside hotel; retail, restaurant and office space; and apartments.
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 final approvals by the board:
■ XPO Logistics of Louisville, a provider of freight management systems: $1.7 million in incentives to add a logistics center. The move will eventually add 120 jobs with an average salary of $25 an hour, including benefits.
■ XPO Logistics of Newport: $1.5 million in incentives for a new logistics center. The expansion would eventually add 88 jobs with an average wage of $25, an hour including benefits.
■ KCF Station No. 1 LLC of Louisville: $500,000 in incentives for a new compressed natural gas fuel station. No additional jobs were listed.