The Kentucky Economic Development Finance Authority (KEDFA) board at its monthly meeting approved tax incentives for companies, including Cobb Vantress in Glasgow and Alltech in Winchester, that are making and considering new investments in the state.
KEDFA preliminarily approved incentives of up to $350,000 for Cobb Vantress in Glasgow, Barren County to build a feed manufacturing facility to supply Cobb’s pedigree poultry farms in Kentucky and Tennessee.
The company would spend up to $15.2 million to build a 1,165 square metre building and to equip it. The company also was approved for an additional $230,000 in incentives under a different program.
Cobb Vantress plans to hire 17 employees, who would be paid $17 an hour, including benefits.
The approval of tax incentives outlines the state's commitment to a project should it occur in Kentucky.
In general, when a company accepts the tax incentive, it can keep that amount of money, which it would otherwise pay in taxes, assuming it fulfils the terms of the deal.
Alltech, based in Nicholasville, got final approval of $3 million to open a facility to research and manufacture algae-based technologies. The company estimated the opening would cost $14 million.
It was expected to add 10 jobs immediately, and 40 within six years, that pay an average hourly wage of $18, including benefits.