Woodford County court approves down payment and financing for former Yokohama plant at 105 Industry Drive

The Judge called and the court approved the fiscal court ctions to close on the county cquisition of the former Yokohama facility at 105 Industry Drive, including approval of the written closing statement, authorization of bond financing and a $216,176.37 payment to the city of Versailles.

The Judge told the court that "there is going to be a request to authorize the payment in the amount of $216,176.37 to the city of Versailles" and added that "we will receive full reimbursement of that amount through the KPDI grant." He said the county expects to be reimbursed from a $2 million KPDI grant and that the bond sale is scheduled for Wednesday, June 24, with the real estate closing set for June 30.

The county estimated the deal includes a larger lease-back to Yokohama than originally planned: Yokohama will retain more square footage and may keep additional employees working at the site for up to two years, which the Judge said preserves the county llocation of occupational tax revenue tied to those employees. "We still receive all of the occupational tax related to those employees," the Judge said.

Squire Blackford asked staff to keep the court informed about investor interest in the property; the Judge said consultant updates will be made public when available. Court members said the purchase is meant to preserve industrial land and existing jobs rather than allow re-zoning of farmland or conversion to facilities such as data centers or battery storage.

A motion by Squire Carl, seconded by Squire Downey, approved the closing statement; the clerk recorded one nay but the motion carried. A subsequent motion to approve the bond financing was made by Squire Gentry, seconded by Squire Taylor, and carried. The court then approved a motion by Squire Taylor, seconded by Squire Downey, authorizing the county own payment of $216,176.37 to Versailles with the Judge noting it represents the county's 50% share and will be reimbursed by the KPDI grant. The court also authorized the Judge to sign any and all documents related to the bond sale or real estate closing and the Judge said he will circulate any documents to the fiscal court prior to signing.

The Judge and court emphasized the economic-development rationale: the site is roughly 17 acres in an industrial corridor with existing utilities and officials said they prefer industrial infill to retain manufacturing jobs and occupational tax revenue. The Judge said officials have seen investor interest since the property was listed and that public updates will follow as offers materialize.

The county will proceed with the bond closing and the real estate closing on the timetable provided; members who wanted additional documents were told they would be circulated before signature.