Local economic incentive grant known as Project Owl is approved
Both the Lexington City Council and the Davidson County Board of Commissioners recently voted and approved funds for an economic development incentive grant contract that is being identified as Project Owl. Using a code name is a common business practice at early stages of some economic development projects. The grant will provide nearly $1 million dollars in cash incentives for the over $53 million dollar project.
The company will invest a minimum of $53.5 million in over three years and also create at least 105 full-time jobs in Davidson County. The hourly wage at the company will be in excess of the county’s wage average.
It has been revealed that the company is a food manufacturer based in Delaware that will receive the grant, which is not to exceed .0027 times the total of the company’s investment in the facility, machinery and equipment. The grant is subject to depreciation, providing the company meets the requirements of the contract as to investments, jobs and wages. The grant will be paid annually for a period of three (3) years. The total of each grant payment will not exceed $144,450.
Both the Lexington City Council and the Davidson County Commissioners believe that the foregoing grant(s) will stimulate the local economy and increase the Davidson County tax base and its revenues while promoting the general welfare of Davidson County and its citizens.
The property for the project is located in the Conrad Hill township on the south side of U.S. 64 East near the Cunningham Brick Yard Road intersection and is a large portion of the former Conrad Hill Mine site.
