Business

KEDFA approves tax incentives for companies in Georgetown, Independence, Covington

The Kentucky Economic Development Finance Authority earlier this week approved tax incentives for companies including Georgetown's Creform Corp., FedEx Ground Package System and Air Hydro Power.

The approval of tax incentives outlines the state's commitment to a project if it should occur in Kentucky.

The following projects received approval from the KEDFA board on Thursday:

■ Creform Corp. of Georgetown, $250,000 and $50,000 on a $2.5 million investment to expand its existing operations by purchasing land and building a new facility to help meet growing demands. The company is a material-handling business that makes pipe and joint systems and automated guided vehicles for the automotive industry. The expansion will create 10 jobs with an average hourly wage target of $30 an hour including benefits.

■ FedEx Ground Package System Inc. of Independence in Boone County, $1.7 million in tax incentives on an investment of $199.3 million to expand its Northern Kentucky hub to manage a projected increase in package volume and provide relief to a nearby hub reaching capacity.

■ 638 Madison LLC of Covington, $258,000 in tax incentives for a $21.6 million investment in an upscale, independent luxury hotel with 114 hotel rooms, a full-service restaurant and cocktail lounge and meeting/event spaces.

■ Energy Services Group of Mayfield, $60,000 in tax incentives for a $1.3 million investment to design, install and operate a 500 kilowatt solar power plant to be located on 11.4 acres of land within the city limits of Mayfield.

■ Swedish Match North America Inc. of Owensboro, $100,000 in tax incentives on a $3 million investment to expand research and development for new product development. The company makes tobacco products and smokeless tobacco products.

■ Cannon Automotive Solutions of Bowling Green, $1 million and $50,000 in tax incentives on a $23.5 million investment to nearly double the square footage of its metal stamping factory. The company is a supplier of auto parts specializing in individual component stamping for truck frames.

The expansion will create up to 60 jobs with an average hourly wage target of $30 an hour including benefits.

■ Air Hydro Power of Louisville, $200,000 in tax incentives on a $1.4 million investment to expand its business for increased capacity and distribution capabilities. The company serves manufacturers in Kentucky, Indiana, West Virginia and Alabama in the areas of hydraulic, pneumatic, connector and automation technologies. Their facility in Jefferson County houses the headquarters functions along with warehousing and manufacturing. The expansion will create up to 30 jobs with an average hourly wage target of $24 including benefits.

■ PARx Solutions of Louisville, $600,000 in tax incentives on an investment of $2.3 million to expand its operations center to meet growing demands. PARx was founded in 2006 to assist physicians and pharmacies with processing of prior authorizations for medications, thus streamlining the process for its patients. The expansion will create up to 77 jobs with an average hourly wage target of $19 including benefits.

■ Senture LLC in Annville in Jackson County, $1 million in tax incentives on a $2.9 million investment to establish call center support for a commercial company in the healthcare sector. Senture is a full service call center that performs telesales, mailroom and back office support service, database design, order processing and data conversion for private industry and the federal and state government sectors.

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