Fiscal Court approves letter supporting incentives for Commerce Parkway project
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Summary
Oldham County Fiscal Court voted Jan. 6 to empower the judge to sign a letter supporting state incentives for a proposed project on Commerce Parkway that could bring 250–300 jobs and roughly $61 million in construction; the court pledged a 1% county participation from the 10% insurance premium tax if the project is approved by KEDFA.
Oldham County Fiscal Court voted by voice to empower Judge David Vogel to sign a letter supporting a Kentucky Economic Development Finance Authority (KEDFA) incentive application for a proposed industrial project along Commerce Parkway.
David Bozanis of the Oldham County Chamber reported that Glenview Partners built speculative industrial buildings at the 71 Commerce Center, and a Michigan-based company is preliminarily pursuing state incentives to lease the buildings. Bozanis said the potential tenant could create roughly 250–300 jobs paying about $26–$36 an hour and that the construction investment is approximately $61 million.
The court’s letter of support would commit the county to a minimal, local participation: a 1% cut of the county’s 10% insurance premium surtax (effectively a 1% rebate) for the duration of the KEDFA incentive period, up to 10 years. Magistrate Tice moved to empower the judge to sign the letter; the motion was seconded and approved by voice vote.
Magistrates asked several clarifying questions. They asked what would happen if the company failed to meet hiring or investment commitments and whether the county could rescind participation if the tenant proved undesirable. Bozanis said the state verifies performance and that local participation would cease if the company falls out of compliance; he also told the court the planned user is not a battery plant and that environmental hazards were not expected for this project.
What’s next: Bozanis said the company will appear before KEDFA in January; should KEDFA preliminarily approve incentives, the court will return with a formal resolution to memorialize the county’s participation and any required local actions.
