Incentives underway to keep manufacturer in Florence
As Eagle Manufacturing LLC, weighs whether to expand its operations here in Florence or move its manufacturing operations to North Carolina incentives are being lined up to keep them here.
Eagle is considering an expansion of its operations at the facility it leases on Industrial Road. However, the 318,693-square-foot facility would need to undergo significant repairs.
If the company were to stay it would need to make an investment of $35m to make over its present location. Of that amount, $6.7m would go towards repairs to the present facility.
To encourage the company to stay in Florence, it has been preliminarily approved, under the Kentucky Industrial Revitalization Act, for a $9.2m tax incentive.
Additionally, in December, Eagle Manufacturing was approved for $500,000 in tax incentives from The Kentucky Economic Development Financial Authority (KEDFA). Another $500,000 for construction materials and building fixtures from the Kentucky Business Incentive program will also be available.
Finalization of the agreements providing these incentives is dependent on the company’s decision to expand here in Florence. The proposed expansion would retain 242 jobs while adding an extra 170 jobs. New jobs mean new employee handbooks, perhaps providing work for a local print company.
The incentives would be dependent on the company maintaining a minimum of 242 jobs, which was the number of Kentucky resident employed at the time of preliminary approval. Excluding benefits, the average hourly wage is expected to be $16.16.
Eagle is considering an expansion of its operations at the facility it leases on Industrial Road. However, the 318,693-square-foot facility would need to undergo significant repairs.
If the company were to stay it would need to make an investment of $35m to make over its present location. Of that amount, $6.7m would go towards repairs to the present facility.
To encourage the company to stay in Florence, it has been preliminarily approved, under the Kentucky Industrial Revitalization Act, for a $9.2m tax incentive.
Additionally, in December, Eagle Manufacturing was approved for $500,000 in tax incentives from The Kentucky Economic Development Financial Authority (KEDFA). Another $500,000 for construction materials and building fixtures from the Kentucky Business Incentive program will also be available.
Finalization of the agreements providing these incentives is dependent on the company’s decision to expand here in Florence. The proposed expansion would retain 242 jobs while adding an extra 170 jobs. New jobs mean new employee handbooks, perhaps providing work for a local print company.
The incentives would be dependent on the company maintaining a minimum of 242 jobs, which was the number of Kentucky resident employed at the time of preliminary approval. Excluding benefits, the average hourly wage is expected to be $16.16.