The Richmond City Commission approved an order that would grant tax incentives to Gill Industries Inc., that if approved by the Kentucky Business Investment (KBI), would expand the facility and be able to add 30 to 40 jobs.
Gill Industries has applied to the Kentucky Cabinet for Economic Development Department for Business Development for certain tax incentives through the KBI Program.
In order to be able to execute the expansion, the company has to qualify for incentives through the KBI Program and it is necessary that the city be willing to participate in the incentive program before hand, which is standard procedure for state requirements.
In the order that the commission approved, it stated that for a period no longer than ten years, the city agrees to forfeit one percent of their occupational license and payroll tax as it will potentially have the opportunity for more jobs.
David Stipes, executive director of the Richmond Industrial Development Corporation, explained at the meeting Tuesday night, the city approved their contribution to the efforts if the expansion was approved at the state level.
Approval hasn’t been granted from the state, but Stipes believes that they will have approval by the end of this month.
“Obviously this will add jobs to the total workforce within the city and has the potential to add new jobs that pay well and have benefits,” he said. “The more paychecks that flow outward to workers have the potential to go back to the local economy in Richmond."
Mayor Robert Blythe echoed Stipes’ statement explaining that the bottom line is that the expansion would bring more jobs to the city but it will also serve to market Richmond to other potential businesses.
“Here’s a company that has been here for many years and wants to expand,” the mayor said. “That alone speaks well and suggests that Richmond is a good place to work. "(Businesses) are coming here, staying here and even in fact growing here, this is both indirect and direct marketing for our city."
Reach Taylor Six at 624-6623 or follow her on Twitter at @TaylorSixRR.