Kentucky approves US$2.5M in tax incentives for US$6.9M project proposed by Heritage Millworks that could create up to 130 jobs; company plans to buy, upgrade industrial property for manufacture of wood moldings, other products
January 31, 2014
(Industry Intelligence Inc.)
– Kentucky company Heritage Millworks has received approval for a tax incentive package from the Kentucky Economic Development Finance Authority board, according to a report by the Lexington Herald-Leader.
The board approved packages for a number of companies considering new investments in the state at its monthly meeting on Jan. 30, including US$2.5 million in tax incentives for Heritage Millworks.
The company is considering a $6.9 million project to buy a Red River Hardwoods building in Clay City, which would be used to manufacture solid wood moldings and other millwork products, the Lexington Herald-Leader reported. The project could create up to 130 jobs with an average wage of $13/hour, including benefits, and would qualify a further $80,000 in incentives based on the projected construction cost of $80,000.
The primary source of this article is the Lexington Herald-Leader, Lexington, Kentucky, on Jan. 30, 2014.