July KEDFA Incentives Update

During the Kentucky Economic Development Finance Authority’s (KEDFA) regular monthly board meeting, held in July, the following projects in the Greater Louisville region received preliminary approval for funding:

• Project Overview: Red Ball Recycling, LLC, headquartered in Jeffersonville, Indiana, specializes in metal recycling, processing scrapped automobiles, and recyclable metal hauling. The company is considering establishing a manufacturing facility in Jefferson County for its first location outside of Indiana. Red Ball Recycling, LLC was preliminarily approved for $150,000 in tax incentives through the Kentucky Business Investment (KBI) program.
• Project Type: Attraction
• Investment: $1,867,000
• Location: Jefferson County, KY
• Job Creation: 10 jobs with an average hourly wage of $32.50 per hour, including employee benefits.

 

• Project Overview: Turning Point Brands, Inc. headquartered in Louisville, KY, is a leading global manufacturer and distributor of consumer products. The company is planning to reshore its synthetic nicotine manufacturing operations and is considering expanding its operations in Jefferson County. Turning Point Brands, Inc. was preliminarily approved for $1,000,000 in tax incentives through the KBI program.
• Project Type: Expansion
• Investment: $18,733,560
• Location: Jefferson County, KY
• Job Creation: 100 jobs with an average hourly wage of $29.21 per hour, including employee benefits.

 

• Project Overview: Aura Genetics is an advanced diagnostic medical laboratory founded in Youngstown, Ohio. The team specializes in streamlining and automating laboratory processes to maximize throughput and minimize turnaround time for lab results. The company is considering a headquarters location in Louisville.
• Project Type: Attraction
• Investment: $20,780,000
• Location: Jefferson County, KY
• Job Creation: 60 jobs with an average hourly wage of $73.04 per hour, including employee benefits.

 

During a special Kentucky Economic Development Finance Authority’s (KEDFA) board meeting, held on Monday, August 11, the following project in the Greater Louisville region received preliminary approval for funding.

• Project Overview: Ford Motor Company is requesting approval to amend its Jobs Retention Agreement with its existing Kentucky Truck Plant and Louisville Assembly Plant project locations to include a seventh supplemental project. The additional investment is set to reveal Ford’s new strategy centered around a new line of electric vehicles underpinned by a new platform. The future plans would be a “Model T moment,” referring to the 120-year-old model that was the world’s first mass-produced, affordable car. Ford was approved $550,000,000 in tax incentives for a supplemental project through the Kentucky Jobs Retention Act (KJRA).
• Project Type: Expansion
• Investment: $1,900,000,000 (Total 7th supplemental project costs); $5,550,000,000 (Total KJRA Project Costs
• Location: Jefferson County, KY
• Revised Job Target: 12,000 jobs with an average total hourly compensation for existing jobs of $29.00