The Kentucky Economic Development Finance Authority on Thursday approved tax incentives for several companies planning expansions or investments in the state, including Allylix, Kentucky Kingdom, Neogen and Faurecia Automotive Seating.
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.
Projects receiving approval from the KEDFA board Thursday for tax incentives include:
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Allylix of Lexington, final approval for $300,000 on a $1.63 million expansion of a lab that creates yeast-based products for the fragrance and flavor market, to develop products for food ingredients, crop protection and urban pesticide, cosmetic chemical, biocide, and fuel additive markets. Could create 14 jobs with hourly wage of $27 including benefits.
Neogen of Lexington, final approval for $2 million on a $5.6 million expansion of animal health care company. Could create 75 jobs with hourly wages of $20 including benefits.
Caudill Seed & Warehouse of Winchester, final approval for $300,000 on $775,000 investment in new equipment. Could create 18 jobs with hourly wage of $16.50 including benefits.
Walle Corp. of Winchester, final approval for $500,000 on a $4.14 million investment in labeling company. Could create 23 jobs with hourly wage of $15 including benefits.
Kellogg USA of Pike County, $2 million on a $6 million purchase of new equipment at existing plant.
Certi-Cell USA of Louisville, final approval for $950,000 on a $1.85 million expansion of facility to clean, repair and redistribute cellular handsets. Could create 90 jobs with an hourly wage of $22 including benefits.
iHealth Solutions of Louisville, $350,000 on a $1.66 million investment in new company headquarters' health care management, records and billing operation. Could create 70 jobs with an hourly wage of $19.
ISCO Industries of Louisville, $825,000 on a $4.34 million expansion of piping company. Could create 55 jobs with an hourly wage of $38 including benefits.
Kentucky Kingdom of Louisville, final approval for $150,000 on a $1.97 million reopening of theme park and Hurricane Bay water park. Could create 19 jobs with hourly wage of $20.46 including benefits.
Koroseal Interior Products of Louisville, $2.5 million on an $18.3 million expansion of specialty interior commercial wall coverings plant. Could create 104 jobs with hourly wage of $23 including benefits.
zTux of Louisville, $1 million on a $7.5 million new distribution center for men's tailored apparel. Could create 80 jobs with hourly wage of $20 including benefits.
Altec Industries of Elizabethtown, final approval for $125 million on a $2.05 million expansion of utility, telecommunication, contractor and tree care operation finishing facility. Could create 60 jobs with an hourly wage of $17.05 including benefits.
Bilstein Cold Rolled Steel of Bowling Green, $1 million economic development bond grant for German company to build a $120 million steel production facility for automotive industry and saw and tooling industry. New plant could create 90 jobs by 2025.
Faurecia Automotive Seating of Simpsonville, $3 million on $18.75 million lease of plant to make car seat assemblies. Could create 410 jobs with hourly wage of $27 including benefits.
Genova Products of Paducah, $1 million on a $4.9 million new facility for making PVC plumbing and pipe fittings. Could create up to 125 jobs with hourly wage of $16 including benefits.
T.Rad North America of Hopkinsville, $2.5 million on a $17.9 million plant to make radiators and cooling systems for automotive, motorcycle, construction and agriculture industries as well as military products. The expansion could create 137 jobs with an hourly wage of $20 including benefits.