The Kroger Co. has identified a facility suitable for a logistics and distribution location in Boone County and will invest $70 million in it, according to a request for a reduction in state ad valorem tax rate to the Kentucky Economic Development Finance Authority.
Kroger will be buying a newly created building, which will be one of the first significant capital investments for the company in the Northern Kentucky community beyond a retail project. This will allow Kroger to distribute thousands of items to over 1,000 stores regionally as well as create opportunities for additional investment and job creation in future years.
The project is expected to create 90 full-time jobs at an average annual salary of $38,000.
The KEDFA staff recommends approval of the requested percentage reduction in the state ad valorem tax rate on the industrial building and equipment proposed to be financed through the issuance of the industrial revenue bonds.