Lexington's Urban County Government has been approved to recover up to $24.1 million in public infrastructure costs associated with the upcoming Summit development, primarily for providing storm sewers, curbs, sidewalks and parking.
The Kentucky Economic Development Finance Authority approved allowing the city to recoup $24.1 million of its estimated $31.4 million costs at its monthly meeting on Thursday.
The Summit, on the corner of Nicholasville Road and Man o' War Boulevard, will cost $404.1 million and include over 400,000 square feet of restaurant and retail space, 400 residential units, nearly 2,500 parking spaces and approximately 11,000 square feet of commercial office space.
The KEDFA board also approved a technical change on the $48.8 million that Lexington is allowed to recover on the CentrePointe/courthouse project downtown to clarify infrastructure cost reimbursement.
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The money comes back to the city through withholding, sales and real estate property taxes.
The KEDFA board also approved other preliminary and final projects throughout the state for tax incentives. 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.
KEDFA projects approved Thursday include:
■ Asahi Bluegrass Forge of Richmond, $1 million in tax incentives for a $20.3 million project to build a new forge. Asahi specializes in press forging for the automotive industry, producing parts including gears, bearings, joints and transmission elements. The expansion would create up to 50 new jobs with a base hourly wage of $10.88 an hour.
■ Brady Worldwide of Louisville, $3 million on an $18.2 million investment for a new manufacturing and distribution locations. The company makes safety products that identify and protect premises, products and people. The new factory and distribution location would create up to 121 jobs paying a base hourly wage of $12.51 an hour.
■ Davert USA of Bowling Green, $300,000 in tax incentives for a $2.3 million metal fabrication operation. The new business would create up to 20 jobs with a base hourly wage of $10.88.
■ iHerb of Hebron, $3 million in tax incentives for a $29.8 million second distribution facility. The expansion would create up to 600 jobs earning a base hourly wage of $10.88 an hour.
■ Beckman Coulter of Hebron, $400,000 in tax incentives for a $10 million investment to expand its distribution center for biomedical testing products. The expansion would add up to 43 jobs earning a base hourly wage of $10.88.
■ Metalsa Structural Products of Elizabethtown, $21 million on a $171.4 million investment to add new equipment for its work assembling chassis and body structures for the auto industry. The expansion would create up to 539 jobs with a base hourly wage of $10.88.
■ R.L. Schreiber of Lebanon, $2 million in tax incentives on a $7.4 million investment to relocate its production and distribution operations for its business supplying food bases, spices, seasoning blends and related products. The project would create up to 83 jobs with a base hourly wage of $9.06 an hour.
■ Great Lake Minerals in Wurtland, $135,000 in incentives on an $11.2 million investment to construct a new ball mill process line and a new crushing and sizing facility.
■ Konsei USA in Hodgenville, $30,000 in tax incentives on a nearly $5.9 million investment to lease a facility across from its plant to expand production.
■ Yechiu Metal Recycling America in Hawesville, $1 million and $400,000 in tax incentives on a proposed plant to collect and process aluminum scrap and then export the aluminum to smelting plants in China and Malaysia. The company's investment would be $19.4 million and would create up to 76 jobs with a base hourly wage of $10.88.
■ Inplast Industries doing business as Plastikon Industries in Leitchfield, a manufacturer of plastic injection molding for automobiles, just over $1 million for land, equipment and doubling the square footage of its plant to support new business from Toyota. The total project would cost $10.3 million. The expansion would create up to 65 jobs with a base hourly wage of $9.06 an hour.
■ Douglas Autotech of Hopkinsville, $3 million in tax incentives on a $14.1 million project to purchase new equipment to support additional business from Nissan and Subaru in its production of automotive directional controls, steering columns and shifters. The expansion would add up to 115 jobs with a base hourly wage of $9.06.