The Kentucky Economic Development Finance Authority board had its monthly meeting Thursday. Below are selected actions affecting Central, Eastern and Northern Kentucky companies.
In general, when a company is approved for tax incentives, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfills the terms of the deal.
■ NTSG Inc. was approved for $250,000 in tax incentives to help establish a plant in Lexington. The New Jersey-based company helps install and integrate communications equipment. The company plans to buy a plant where it can store, build and prepare equipment before installation. It will be required to hire 10 workers, who will be paid an average hourly wage of $20 including benefits. The total project is expected to cost the company $1.4 million.
■ The J.M. Smucker Co. was given a one-year extension to complete an expansion at the Jif plant in Lexington. The company is eligible for $99,000 in incentives for the $2 million expansion, according to state records.
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■ Wild Turkey Distillery in Lawrenceburg was approved for $40,000 in tax incentives for a planned addition of warehouse space to house a larger number of barrels and to replace aging buildings. The total investment by the company is expected to be $2.3 million.
■ Caterpillar Inc. was approved for $500,000 in tax incentives for a planned expansion at its Danville plant. The company plans to move a product line related to tractors from a plant in North Carolina that is landlocked and unable to expand. The total project is expected to cost the company more than $2.8 million. Under the agreement, the company must retain at least 85 percent of its 87 workers to receive the incentives.
■ 3M Co. was approved for $2.5 million in tax incentives for an expansion at its Harrison County plant to install a production system for new products in addition to the Post-It notes that it produces on site. The company expects to invest $5.5 million in the project. It will be required to retain at least 85 percent of the 500 workers on site to receive the incentives.
■ Mine Shields LLC of Garrard County was approved for $950,000 in tax incentives for the planned startup of a manufacturing plant to make its product, which is designed to help miners survive catastrophes for at least 96 hours. It will be required to hire 35 workers, who will be paid an average hourly wage of $16.08 including benefits. The incentives would offset the entire cost of the project.
■ Jim Beam Brands was approved for a $1.8 million, zero-percent loan to finance consolidation of its bottling operations. The company plans to close its Ohio bottling plant and move its operations to Kentucky. As part of that move, it plans to expand its bottling plant here by 21,600 square feet to 578,600 square feet total. The total project cost is expected to be $28 million, the company said. It will add 121 jobs with average hourly wages including benefits of $30.
Jim Beam was previously approved for $6.3 million in tax incentives under a different program. As part of the approval of the loan on Thursday, the company will now be able to receive the other tax incentives over five years instead of 10.
■ The state approved a plan to issue up to $90 million in bonds on behalf of King's Daughters Medical Center in Ashland. The bonds will help to finance a two-floor expansion of its Heart and Vascular Center, and renovation and expansion of operating rooms and inpatient and outpatient areas.
■ Price Solutions LLC in Greenup County was approved for $700,000 in tax incentives for a $1.75 million expansion. The company manufactures ground-level security control points for clients including nuclear facilities. It will be required to hire 20 workers, who will be paid an average hourly wage of $12.83 including benefits.
■ KEDFA approved a $250,000 grant in Economic Development Bond funds to the Pike County Fiscal Court to be used for EQT Corp. EQT, a natural gas company, announced earlier this year that it would expand its regional headquarters in Pikeville. It will be required to hire 100 full-time workers in addition to its current 147-person full-time work force. The jobs must pay an average hourly wage of at least $26.78, excluding benefits. The project has also been approved for as much as $2.5 million in tax incentives under a different state economic development program.
■ EcoPower Generation LLC was approved for incentives of as much as $15 million under the Incentives for Energy Independence Act. The company plans to build a 50-megawatt electricity plant in Perry County that will use wood waste as its fuel. The company estimates that the project will cost $150 million and use 400,000 to 500,000 tons of wood waste annually. The company plans to create 40 jobs with an estimated annual payroll of $3.3 million.
■ Somerset-based trailer manufacturer Gator Made was approved for $300,000 in tax incentives. The company plans to buy equipment to help it add a metal-fabrication line and must hire 15 workers within 10 years, who will be paid an average hourly wage of $12.51 including benefits. The incentives would offset the entire cost of the project.
■ Auto supplier Toyotetsu America in Somerset was approved for $3 million in tax incentives. The company plans to upgrade its equipment to automate some assembly processes. The company estimates that the investment will cost $23 million. It will be required to retain 85 percent of the 678 workers on site to receive the incentives.
■ Worldcolor in Simpson County was approved for $1.95 million in tax incentives for a planned 105,000-square-foot expansion to its 461,000-square-foot plant, which produces retail inserts and catalogs. The company would be required to add 135 jobs paying an average of $12.82 hourly, including benefits. The company's total planned investment is $9.78 million.
■ Macro Plastics Inc. was approved for $1 million in tax incentives for its planned purchase of a plant in Shelbyville, where it will manufacture and distribute plastic containers. It will be required to hire 45 workers, who will be paid an average hourly wage of $20.89 including benefits. The company's total investment is pegged at $6.8 million.
■ Akebono Corp. was approved for $800,000 in tax incentives to expand its headquarters in Elizabethtown. The company has agreed to buy the North American foundation brakes assets of Robert Bosch LLC and anticipates expanding its headquarters to accommodate the new staff. It will be required to hire 50 workers, who will be paid an average hourly wage of $35 including benefits. The incentives would offset the entire cost of the project.