Commission preliminarily approves industrial revenue bond arrangement to support local manufacturer expansion

On Aug. 19, 2025 the Owensboro City Commission preliminarily approved an industrial revenue bond (IRB) structure and related agreements to support an expansion by a local manufacturing employer identified in the municipal order as "Miss Can America Inc." (also referenced in staff remarks as MISCON).

City staff explained the IRB functions as a property‑tax incentive: the city would hold title to the project property, making it tax exempt on the city's books, and the company would make negotiated payments to taxing districts at a reduced rate. The commission adopted a structure in which the company would receive a 75% property tax rebate for 10 years (effectively paying 25% of the property tax otherwise due); staff said the local school system would receive the full tax amount and therefore would be made whole.

City Manager Nate Pagan said the mechanism differs from prior property‑tax rebates in timing but achieves the same economic objective. Staff said the company announced a groundbreaking earlier in the year for an expansion estimated at $156 million and expected to create 44 new jobs; the municipal order authorizes the city to initiate issuance of IRBs and to negotiate memoranda and payment‑in‑lieu agreements at the appropriate time.

Questions at the meeting focused on timing for construction and completion. Brad Davis (EDC) said the company hoped to start in the fall and anticipated roughly an 18‑month build, but staff cautioned that schedules were still being finalized.

The commission approved the preliminary IRB action on first reading; a final item will return to the commission to finalize the incentive and complete the required documents.

Ending: Staff characterized the IRB as a familiar economic development tool historically used in the community and said the item will be finalized in a future meeting when project paperwork and schedules are resolved.