Barren County Economic Authority President and CEO Maureen Carpenter speaks about the potentially two new businesses coming to Glasgow and Barren County in front of the Glasgow City Council on Oct. 13.
By MICHAEL CRIMMINS
Glasgow News 1
Glasgow city council members approved an ordinance that provides financial incentives for two new businesses planning to locate within Glasgow and Barren County.
After hearing an update on the soon-to-be-completed aquatic center at American Legion Park, the council members unanimously approved an ordinance authorizing that each of the two companies listed receive a discounted rate on the occupational license fee on certain wages paid to their employees, provided they meet the criteria of the Kentucky Economic Development Finance Authority.
The two companies are Union Coating and Chemical, which was announced by the governor’s office late late month, and Tate Access Floors, which has a state incentive approval listed on the Kentucky Cabinet for Economic Development online database with the projected number of jobs created as 400.
“In order to receive the rebate…it shall be the responsibility of each company to request the rebate on an annual basis, and provide the necessary employment and wage information,” said city attorney Rich Alexander, reading from the ordinance. “The city has the sole discretion to approve or disapprove each year’s rebate based upon the information provided by each company.”
“In other words: If the companies fail to request the rebate on an annual basis or if the city determines that the information submitted with the rebate request does not verify that the employment or wage projections…have been satisfied then the city…may deny or disapprove the rebate for any given year and the full occupational fee shall be owed,” he added.
Alexander said the incentive would be for 15 years.
This is the second reading on the incentive ordinance, the first was held on Sept. 29. There was no discussion on this second reading.
Barren County Economic Authority President and Chief Executive Officer Maureen Carpenter was called to the podium immediately following the roll-call vote to, in Glasgow Mayor Henry Royse’s words, “talk about how this is going to affect everything and where [the city] is going from here.”
“We’re looking at six to eight months of construction and build out [on the 50,000 square foot speculative building] and then [Union Coating and Chemical] start looking to hire folks. So that one is very positive,” Carpenter said. “Tate Access Floors [representatives] are here on a regular basis…they are completing their due diligence. They should have that complete within the next 30 days.”
Carpenter also mentioned the possibility of issuing Industrial Revenue Bond, which would have Glasgow issuing bonds on behalf of Tate Access Floors to raise money to fund the acquisition, construction/reconstruction, expansion, or improvement of a manufacturing facility that would then be paid back by the company’s revenue, according to Investopedia.
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