Business

Expanding companies approved for tax incentives

The Kentucky Economic Development Finance Authority board had its monthly meeting last week.

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.

Here are selected board actions affecting regional companies:

■ Eddie Sharpe's Mulch in Greensburg was approved for $100,000 for its plans to expand and include hardwood mulch production and a bagging operation. The company estimates the expansion will cost $141,900. It is expected to add 10 jobs that pay an average hourly wage of $10.42 including benefits.

■ Topura America Fastener in Bowling Green was approved for $675,000 for its plans to expand. The company manufactures automotive and industrial fasteners and screws. The company estimates the expansion will cost $9.34 million. It is expected to add 30 jobs that pay an average hourly wage of $15.76 including benefits. Topura was also approved for $75,000 in tax incentives under a different state program.

■ Ferus Corp. in Jenkins was approved for $2 million for its plans to build a warehousing and storage facility to deliver liquid nitrogen. The company estimates the expansion will cost $30.8 million. It is expected to add 34 jobs that pay an average hourly wage of $20 including benefits. Ferus was also approved for $192,000 in tax incentives under a different state program.

■ A. Raymond Tinnerman Manufacturing Flemingsburg was approved for $515,000 for its plans to expand and manufacture new products for the solar and building industries. The company estimates the expansion will cost $515,000. It is expected to add 28 jobs that pay an average hourly wage of $18 including benefits.

■ PC BioFuels in Pike County was approved for $1.32 million for its plans to build a wood pelletizing energy facility. The company estimates the construction will cost $8 million. It is expected to add 33 jobs that pay an average hourly wage of $14 including benefits.

■ Galmont Consulting in Lexington was approved for $800,000 for its plans to open a facility for software engineering and testing. The company estimates the construction will cost $1.3 million. It is expected to add 90 jobs that pay an average hourly wage of $20 including benefits.

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