Christian County magistrates approved tax incentives Tuesday morning for Stanley Engineered Fastening concerning a possible expansion next year.
South Western Kentucky EDC Director Carter Hendricks told magistrates that the company is considering an expansion project in either Hopkinsville or North Carolina.
Hendricks added the company employs around 155 people, and the expansion would add nearly 50 jobs.
The current facility has a total payroll of over $8.5 million and a current property value of over $5.5 million. If the expansion occurs in Hopkinsville, the facility’s payroll will increase to near $11 million a year.
A decision on where the expansion will occur should be made by the end of the year. Hendricks said this would be a fast-moving project.
The incentive approved by magistrates includes a 90% refund of any increase in property tax revenue for the next 15 years if the expansion occurs. Hendricks will approach Hopkinsville City Council with a similar request on behalf of the company. He added they are also asking the state for any possible incentives for the expansion project.
The next Christian County Fiscal Court meeting will be Tuesday morning, November 24, at 8:30. There will be one meeting for magistrates next month; the meeting will take place Wednesday morning, December 16, at 8:30.
