Projects would create 210 new jobs
FRANKFORT, Ky. (Feb. 28, 2013) — Five companies considering Louisville were preliminarily approved for economic development incentives at Thursday’s meeting of the Kentucky Economic Development Finance Authority (KEDFA). The projects would create 210 new jobs, $8.85 million in new annual payroll and nearly $27.3 million in new investment.
“This month’s applicants demonstrate the confidence that Louisville businesses have in our community, with several national companies wanting to expand their operations here,” said Mayor Greg Fischer. “These new jobs and investment in some of our core strengths, such as food and beverage, technology and manufacturing, will be a further welcome boost for our local and regional economy.”
A look at the companies
ACCENT was founded in 1993 as a direct marketing services company. In 1999, the company was purchased by MDC Partners of New York, and it expanded its capabilities to include outsourced contact center support for its clients. Last year, ACCENT leadership decided to focus solely on contact center line of work and exit the direct marketing business. The staff of the direct marketing division purchased its portion of ACCENT and is considering establishing the headquarters of the new Accent f(x) in Louisville.
Within the first two years of operation, Accent f(x) would make an estimated total investment of $294,000 in building materials and capital equipment, and create 10 new jobs with new payroll of more than $919,000.
Accent f(x) was approved for up to $210,000 in Kentucky Business Incentives for up to 10 years.
Accent Intermedia was established in Jeffersonville, Indiana in 2004. The company’s primary lines of business provide prepaid gift cards for Discover, VISA and MasterCard as well as providing support to clients and consumers for stored value cards. Serving clients such as AMC Theaters, Applebee’s, Five Guys and Supervalu, Accent Intermedia develops custom websites where consumers can order personalized gift cards that can be sent to anyone, anywhere. The company, which currently employs 20, recently has been purchased and is looking to relocate and expand its operations in a new location.
Within the first two years of operation, the project would make an investment of $550,000 in building materials and capital equipment, and create 35 new jobs with in new annual payroll of $3 million.
Accent Intermedia was approved for up to $525,000 in Kentucky Business Incentives for up to 10 years.
Cados, LLC (dba Riverhorse Distilling)
Riverhorse Distilling is a Washington-based corporation created by an experienced executive in the beverage industry. The company is considering Louisville for its headquarters operation, as well as opening a distillery with a restaurant, bar and tasting room.
Within the first two years of operation, Riverhorse Distilling would make an investment of more than $2.8 million in building materials and capital equipment, create 30 new jobs and new annual payroll of more than $989,000.
Riverhorse Distilling was approved for up to $400,000 in Kentucky Business Incentives for up to 10 years.
Gazelle is the Boston-based leader in high-end consumer electronics trade-in, providing an easy, fast and safe way for consumers to get cash for their unwanted devices. To date, Gazelle has accepted more than one million trade-ins, helping consumers upgrade to the latest technology. The company is expecting to double its volume in 2013 and is considering opening a facility in Louisville to help accommodate this anticipated increase in business.
If Louisville is selected, Gazelle would initially create up to 125 new jobs and new annual payroll of more than $3.6 million, growing to 438 jobs over the 10-year agreement. Additionally, Gazelle would make up to a $22.3 million investment over the 10-year term.
Gazelle was approved for up to $3 million in Kentucky Business Incentives, which can be earned over a 10-year period.
“We appreciate the support from the Kentucky Economic Development Finance Authority and are excited about the possibility of expanding our business in Louisville,” said Chris Sullivan, Gazelle CFO.
Republic Industries International, Inc.
Republic Industries International is a privately-owned company specializing in the repair of equipment used in oil, iron and coal mining, and other industrial applications for the automotive industry. The company, which currently employs 90 at its Louisville facility at 3000 West Broadway, has developed new technology that would reduce dependency on traditional coal-mining techniques. The MaxPro system can capture metallurgical coal – a key component in steel – much less expensively. Republic Industries is looking to expand its manufacturing space to support growth of the new product line.
Within the first two years of operation, Republic Industries International would make an investment of $1.34 million in building materials and capital equipment, create 10 new jobs and new annual payroll of nearly $350,000.
Republic Industries International was approved for up to $120,000 in Kentucky Business Incentives for up to 10 years.
“Kentucky is one of several locations we are considering as we continue to evaluate our options,” Jason Coslow, general manager at Republic Industries International.
In addition to the above projects, two projects received KEIA sales tax rebates. Heaven Hill’s expansion of its distilling facility in west Louisville was approved for an $80,000 KEIA sales tax rebate and Kentucky Kingdom, LLLP, was approved for a $1,692,118 KEIA sales tax rebate.
The partnership between Greater Louisville Inc. – The Metro Chamber of Commerce, Louisville Metro Government and the state government brings new economic opportunities to the community. Through December 2012, the innovative public-private partnership has helped 72 companies locate new operations or expand existing ones in the area. These projects have created 4,625 new jobs at an average salary of $41,112 and more than $817 million in new capital investment.
More information about Kentucky economic development incentives can be obtained at www.thinkkentucky.com.