IncSmart Kentucky (Small Business and Startups) - The Kentucky Economic Development Finance Authority approved the financing of a new distribution center for Cincinnati based grocery chain, Kroger Co. (NYSE: KR). They will issue of up to $70 million in revenue bonds for this huge Kentucky campus. Kroger has asked for a 50 percent reduction on state and local taxes, which will create a tax savings of $2.8 million. In return, Kroger will make direct payments to the Boone County School District and the Florence Fire, Extension, Health and Library districts. The 20 year bonds will be issued by Boone County this summer.
The Kroger center is expected to create 90 jobs. The average salary for these new jobs is $38,000. Boone County unemployment Rate is at 4.20%, compared to 3.70% last month and 4.30% last year. This is lower than the long term average of 5.03%. Florence is located on the Ohio River, across from the city of Cincinnati, where Kroger is based and is part of the Cincinnati metropolitan area. The population was 29,951 at the 2010 census.
By Pat Turner
For 10 years, IncSmart.biz Business Services has helped companies and people from all over the world form Kentucky Corporations and Kentucky Limited Liability Companies. When you call, email, text, message or live chat with our office, expect personal attention. Small business is the heart of IncSmart.
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