Department of Commercialization and Innovation Funding
The Kentucky Economic Development Finance Authority held its monthly meeting Thursday. Below are selected actions affecting Central, Eastern and Northern Kentucky companies.
Department of Commercialization and Innovation Funding
The board approved up to $500,000 in a forgivable loan for Celerity Automation Inc., an automation equipment manufacturer. The company anticipates adding 425 jobs after four years.
The board also approved a $950,000 grant to ConnectKentucky, a public-private partnership charged with improving the state's information technology infrastructure. The grant helps fund the Prescription for Innovation, a program aiming to improve broadband deployment and computer literacy.
KENTUCKY RURAL ECONOMIC DEVELOPMENT ACT
Intended to bring industrial companies to high-unemployment counties. Companies can reduce or eliminate their income taxes and retain a portion of payroll taxes for 15 years.
EXTENSIONS
Bell Co.: McCoy Manufacturing Inc. received a six-month extension to complete a $1.03 million project that is eligible for up to $1.03 million in incentives. The project is expected to add 48 jobs.
Jackson Co.: Phillips Diversified Manufacturing Inc. received a one-year extension to complete a $610,000 expansion that is eligible for up to $500,000 in incentives. The expansion is expected to add 15 jobs.
Mason Co.: Green Tokai Co. Ltd. received a one-year extension to complete a $1.7 million expansion that is eligible for up to $1.28 million in incentives. The expansion is expected to add 51 jobs.
McCreary Co.: Armorshield USA LLC received a one-year extension to complete a $1.1 million project that is eligible for up to $1.1 million in incentives. The project is expected to add 100 jobs.
Perry Co.: MB Lumber Company Inc. received a one-year extension to complete a $1.45 million expansion that is eligible for up to $750,000 in incentives. The expansion is expected to add 21 jobs.
Russell Co.: Hitachi Cable Indiana Inc. received a three-month extension to complete a $2.18 million expansion that is eligible for up to $1.75 million in incentives. The expansion is expected to add 74 jobs.
Wayne Co.: Patriot Industries Inc. received a three-month extension to complete a $300,000 expansion that is eligible for up to $300,000 in incentives. The expansion is expected to add 150 jobs.
PRELIMINARY APPROVALS
Johnson Co.: Celerity Automation Inc.: Startup of facility to manufacture automation equipment; 425 new jobs with an average hourly wage of $21.02 and wage range of $10.05 to $39.12; $6.71 million in tax credits; total project costs estimated at $7.21 million. The company was also approved for a $500,000 forgivable loan through the Department of Commercialization and Innovation.
KENTUCKY INDUSTRIAL DEVELOPMENT ACT
Intended to bring industrial companies to low-unemployment counties. For up to 10 years, companies can reduce or eliminate income taxes or retain a portion of payroll taxes their employees would otherwise pay.
EXTENSIONS
Boone Co.: Best Sanitizers Inc. received a six-month extension to complete a $2.15 million project that is eligible for up to $175,000 in incentives. The project is expected to add 15 jobs.
Tenryu America Inc. received a one-year extension to complete a $2.18 million expansion that is eligible for up to $500,000 in incentives. The expansion is expected to add 15 jobs.
Campbell Co.: Metal Solutions Design & Fabrication LLC received a one-year extension to complete a $950,840 expansion that is eligible for up to $250,000 in incentives. The expansion is expected to add 22 jobs.
Hardin Co.: AJV Inc. received a one-year extension to complete a $2.2 million startup that is eligible for up to $900,000 in incentives. The startup is expected to create 36 jobs.
Shelby Co.: Noble Metal Processing -- Kentucky LLC received a three-month extension to complete a $1.31 million expansion that is eligible for up to $300,000 in incentives. The expansion is expected to add 20 jobs.
Warren Co.: Cosma 1 LLC received a three-month extension to complete an $80 million expansion that is eligible for up to $8 million in incentives. The expansion is expected to add 800 jobs.
PRELIMINARY APPROVALS
Rockcastle Co.: Plasticware LLC: Project that intends to add a product line for the food service industry; 140 new jobs with an average hourly wage of $13.22 and wage range of $8.50 to $27.50; $3.8 million in tax credits for the estimated $16 million project.
FINAL APPROVALS
Fayette Co.: Ceradyne Inc.: Expansion of facility that manufactures ceramic body armor; 128 new jobs with an average hourly wage of $12.88 and wage range of $12 to $32; $1.28 million in tax credits for the estimated $11.8 million project.
KENTUCKY ENTERPRISE INITIATIVE ACT
Provides refunds of sales and use taxes paid by companies for construction materials and building fixtures.
APPROVALS
Boyle Co.: Aircraft Braking Systems of Kentucky Corp.: Expansion of facility that manufactures carbon brake disks for the airline industry; no job creation required by law but 56 jobs are expected with an average hourly wage of $18.91; $210,000 in sales tax refunds approved.
KENTUCKY JOBS DEVELOPMENT ACT
Provides tax credits for new and expanding service- and technology-related projects. Companies can receive credits for taxes connected to the project and can collect up to 5 percent of gross wages of employees whose jobs are created by the project.
PRELIMINARY APPROVALS
Boone Co.: K&J Sound: Project includes a shipping and repair center; 69 new Kentucky jobs with an average hourly wage range of $12 to $30; $966,000 in tax credits.