Simpson County approves inducement resolution to support AA-KY LLC project and potential $22 million industrial bonds

After a closed session under KRS 61.810(1)(g) to discuss a business proposal, the Simpson County Fiscal Court on Oct. 1 approved Inducement Resolution No. 2024-10-01, encouraging AA-KY LLC and its affiliates to proceed with acquisition, development and operation of an industrial building.

The resolution, as recorded in the minutes, contemplates the issuance of industrial building revenue bonds in an estimated aggregate principal amount of $22,000,000 (or the amount of the project's total capital investment), and authorizes the county to enter into a memorandum of agreement, a lease and a payment-in-lieu-of-taxes (PILOT) agreement and to take other necessary steps to permit bond issuance. The court entered executive session at 9:45 a.m. citing KRS 61.810(1)(g) and returned to open session at 10:45 a.m.

The motion to approve the inducement resolution was recorded as moved by Magistrate Marty Chandler, seconded by Magistrate Scott Poston, and adopted by recorded vote (minutes indicate 'Yes-All'). The minutes do not disclose negotiation details discussed in executive session; they state the session was held under the statutory exemption for discussions with a business representative whose disclosure would jeopardize the project.

The resolution signals the county's intent to support a privately led industrial development through bond financing and negotiated agreements; the minutes do not include terms of any final agreements, a construction timetable, or the company's investment commitment beyond the estimated bond amount.