Braidy Industries, which made a big splash in April when it announced it was building an aluminum rolling mill, creating 550 jobs in Eastern Kentucky, received approval Thursday from the Kentucky Economic Development Finance Authority for tax incentives on $607 million for the first phase of its $1.3B investment.
Braidy has plans to establish an eco-friendly and technically advanced mill that will serve the automotive and aerospace industries.
KEDFA approved the company for tax incentives up to $2.5 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.
Amazon, which employs over 10,000 full-time associates in 11 fulfillment centers in Ky., received approval Thursday from KEDFA for tax incentives on a $175 million investment to develop a centralized air hub at the Cincinnati/Northern Kentucky airport to serve Prime Air cargo planes. This is the first phase of a $1.5B investment.
The project has the potential to create over 2,700 new jobs and a significant capital investment over several years.
KEDFA approved the company for tax incentives up to $5.4 million through the KBI program.
Adkev, Inc., a custom injection molding company, received approval Thursday from KEDFA for tax incentives on a $15.6 million investment to open a third facility in Danville, Ky. to allow it closer access to its Tennessee customers and new market demands.
Adkev opened in Goodland, Ind. in 1987. Since then, the company expanded to a second Indiana facility and employment grew from two to over 350.
KEDFA approved the company for tax incentives up to $500,000 through the KBI program.