Business

State gives incentives to growing companies in Central, Eastern, Northern Kentucky

The Kentucky Economic Development Finance Authority board approved several tax incentives for companies at its monthly meeting Thursday. 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 approvals:

■ Allconnect in Lexington, $2.2 million to lease and operate a call center. The company estimates that the new operation would cost $7.4 million. It is expected to add 220 jobs that pay an average hourly wage of $12.51, including benefits. The company is considering other states.

■ Walle in Winchester, $500,000 to expand its label printing production capability by 50 percent. The company estimates that the expansion would cost $4.1 million. It is expected to add 23 jobs that pay an average hourly wage of $15, including benefits.

■ Westbury in Paris, $3 million for its plans to open a location to manufacture crowd-control barriers. The company estimates that the facility would cost $3.4 million. It is expected to add 131 jobs that pay an average hourly wage of $20, including benefits.

■ Progressive Resources in Johnson County, $645,000 to open a service center for its business of delivering liquid nitrogen and carbon dioxide to oil fields. The company estimates that the new location would cost $2.5 million. It is expected to add 14 jobs that pay an average hourly wage of $20, including benefits.

■ Superb IPC in Shelbyville, $400,000 to buy $400,000 of equipment to reduce power usage. It is expected to add 20 jobs that pay an average hourly wage of $14, including benefits.

■ Pratt in Boone County, $1 million to open a manufacturing facility to produce corrugated displays for in-store marketers and other customers. The company estimates that the operation would cost $15.5 million. It is expected to add 79 jobs that pay an average hourly wage of $19, including benefits.

■ Genesis Casket in Hebron, $5 million toward leasing a facility to manufacture burial caskets. The company estimates that the location would cost $21.4 million. It is expected to add 300 jobs that pay an average hourly wage of $35, including benefits.

■ Mubea Precision Springs in Florence, $2.6 million toward expansion of its manufacturing facility to develop new ways to reduce vehicle weight. The company estimates that the expansion would cost $44.3 million. It is expected to add 132 jobs that pay an average hourly wage of $23, including benefits.

■ Bexion Pharmaceuticals, a company researching cures for cancer in Kenton County in Northern Kentucky, was approved for a forgivable loan of up to $155,000 to buy laboratory equipment. The company is expected to create seven full-time jobs that pay $77,000 annually by June 30, 2012.

■ Transposagen Biopharmaceuticals in Lexington received a six-month extension to spend $121,000 in funds remaining from a $325,000 forgivable loan. The money is to be spent on equipment.

  Comments