Fiscal court approves first reading to authorize up to $90 million in IRBs for Castle & Key project

Woodford County’s Fiscal Court on the floor of a regular meeting approved a first reading of Ordinance 2026-3, a measure authorizing the county to issue revolving industrial revenue bonds in an aggregate principal amount not to exceed $90 million for the Castle & Key distillery project. The first reading passed on a roll-call vote; the ordinance will require a second reading and publication before it could take effect.

Why it matters: County officials framed the measure as an economic development tool aimed at preserving and creating local jobs in Woodford County’s signature bourbon industry. Magistrates said Castle & Key is an important local employer and that the IRB would help retain and grow private-sector jobs amid industry headwinds.

What the court did: On the recommendation of the budget and finance committee, the court moved to give Ordinance 2026-3 a summary first reading. The county attorney read a statutory-style summary stating the county may accept a non-recourse assignment of real-property lease rights and issue a series of industrial revenue bonds to finance acquisition, construction, installation and equipping of an industrial building project. The county attorney summarized key sections covering the bond lease, bond purchase agreement, payment-in-lieu-of-tax provisions, notice to the state local debt officer and other standard bond-related authorities.

Vote and next steps: The motion for first reading passed by roll call: yes votes from Squires Taylor, Gentry, Carl, Downey and Blackford; nay votes from Squires Barner, Gil and Brown. The county attorney said the ordinance as summarized authorizes a series of revolving industrial revenue bonds "having an aggregate revolving principal amount not to exceed $90 million" and noted that a second reading (and required publication) is scheduled for the court’s next appropriate meeting before the ordinance could become effective.

Context and stakeholders: Castle & Key representatives and counsel appeared in committee; Mr. Tim Eiffel and the company’s president, Mr. Will Arvin, were identified in committee discussion and the Kentucky Distillers’ Association was noted as having representation at the meeting. Officials described the bourbon sector as an economic mainstay for the county and emphasized job retention as a principal goal of the IRB structure.

What to watch for: A second reading and publication are required for final adoption; the judge and county staff will publish the ordinance summary and return the item to the court for a second reading, as explained by the county attorney.