BOWLING GREEN, Ky. — Harbor Steel & Supply Corp., a distributor and manufacturer of fabricated products breaks ground a new $8 million operation in Warren County creating 25 quality jobs for Kentuckians.
Harbor Steel broke ground on a 50,000-square-foot facility in the Kentucky Transpark. In addition to the initial investment, the operation provides an opportunity for potential future expansion and job creation. The company’s investment includes the acquisition of laser machines, press brakes for forming, automated saws and other equipment. Work on the project is expected to be completed by Q3 2023.
Harbor Steel currently has a location in Lexington, where it opened in 1991 and employs 60 Kentuckians. The Bowling Green facility will support overflow from the Lexington operation and support the growth of the company’s customer base and service area.
“The State of Kentucky and Harbor Steel has had such a great relationship over the years. It was only natural to open another location within the commonwealth,” said Michael Weis, president of Harbor Steel. “We are extremely excited to open our new Bowling Green location, and we look forward to supporting the diverse customer base in the area. The region has so much to offer, and we are happy to be a part of the momentum in bringing great jobs to the area.”
Muskegon, Michigan-based Harbor Steel was founded in 1952. The company distributes and manufactures fabricated steel products and specializes in processed sheets and plates for a variety of markets. Harbor Steel’s services include sheet and tube laser cutting, plasma cutting, flame-cutting, saw cutting, forming and machining of hot-rolled and cold-rolled aluminum and stainless steel. Aside from its Kentucky presence, the company operates in Michigan, Indiana, Ohio and West Virginia.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in September 2021 preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $500,000 in tax incentives based on the company’s investment of $8 million and annual targets of:
- Creation and maintenance of 25 Kentucky-resident, full-time jobs across 10 years; and
- Paying an average hourly wage of $30 including benefits across those jobs.
Additionally, KEDFA approved Harbor Steel for up to $100,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, the company can receive resources from Kentucky’s workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.
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