Construction expected to begin in May
FRANKFORT, Ky. (March 31, 2016) — A Thai Summit America Corporation proposed $110 million expansion project of a 220,000-square-foot facility in Nelson County received preliminary approval today for $5 million in tax incentives from the Kentucky Economic Development Finance Authority. The manufacturing facility for stamping and assembly operation for welded parts to automakers will help accommodate a newly formed contract with Ford and initially employ 108 at $33 per hour. Within two years the facility plans to employ 216. Construction of the facility is expected to begin in May and completed by the end of the year.
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $5 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Additionally, KEDFA approved Thai Summit for up to $1 million 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.
Thai Summit also is eligible to receive resources from the Kentucky Skills Network. Through the Kentucky Skills Network, companies are eligible to receive no-cost recruitment and job placement services, reduced-cost customized training and job training incentives. Last year, the Kentucky Skills Network trained more than 84,000 employees from more than 5,600 Kentucky companies.
In other news:
Brown-Forman Corporation plans to expand its Woodford Reserve Distillery in a new facility. The $22 million investment today received preliminary approval from the Kentucky Economic Development Finance Authority for $400,000 in tax incentives.
Kentucky Fresh Harvest LLC was approved for $190,000 in tax incentives from the Kentucky Economic Development Finance Authority for its planned $10.7 million investment of a new operation in Lincoln County to grow and sell produce to its national wholesaler clients. Kentucky Fresh Harvest was formed last year by Kentucky Hi Tech Greenhouses, LLC to produce high tech greenhouses.
Luxco Inc., a St. Louis-based premium liquor and wine supplier, is considering Nelson County for its first stand-alone wholly owned distillery that would create 45 full-time jobs that would increase production for all its bourbon brands in a scenic setting that would be part of the Kentucky Bourbon Trail. Projected state tax revenues would be more than $184 million and local tax revenue more than $28 million for a total of $213,221,856.