The city of Owensboro is making good on its promise to incentivize development at a local industrial and commercial steel fabrication business.
City commissioners heard first reading of an ordinance at City Hall on Tuesday night that would rebate 1% of the occupational fees for 20 new employees Trifecta Steele LLC has or is hiring under an investment it announced in 2015.
The company reached an agreement under the state's business investment program to invest $3 million, creating an additional $1.26 million a year in payroll with average pay at 18% of per capita income ($41,912).
Trifecta Steel, which designs and fabricates steel building components, announced in 2015 that it had begun operations in Owensboro and would soon add 21,600 square feet of manufacturing space to an existing 17,000-square-foot facility at 2911 Medley Road.
"Under the terms of the incentive, the company is eligible to receive a rebate at 1% of a 1.78% occupational license fees generated by new employees above their current baseline employment," said City Manager Nate Pagan. "The maximum the company can receive is $8,000 per year for a term of 10 years, and it expects to add a minimum of 20 new jobs."
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $320,000 through the Kentucky Business Investment program and an additional $25,000 through the Kentucky Enterprise Initiative Act.
Trifecta Steel specializes in structural steel processing and design-build fabrication, according to its website. Its investments thus far include state-of-the-art automated equipment such as the PythonX Plasma Beam Fabricator and the Victory CNC Plasma Table. Both provide the advantage of reduced processing time and lean manufacturing.
The company could not be reached for additional comment Thursday evening.
Austin Ramsey, 270-691-7302, firstname.lastname@example.org, Twitter: @austinrramsey