New incentive package, approved

Ford Motor Co. received an approval of its incentive package from the Kentucky Economic Development Finance Authority. According to the report done by Business First yesterday, the incentive will allow Ford to invest $200 million at the Kentucky Truck Plant in eastern Jefferson County.
The report also said that Ford is entitled to $24 million in credits over 10 years. The car company will also be allowed to transfer unused credits it gained in 1998 and 2001. But before Ford can acquire credits, it must first invest $200 million, and employment at the Chamberlain Lane plant cannot drop below 3,511.
Aubrey Hayden, KEDFA board member and senior vice president for Chase bank in Louisville was satisfied with Ford’s interest in Louisville and its incentive package.
The incentives will be used to make the most out of the company’s investment in “general modernization” of the operations at Kentucky Truck Plant, according to Anne Marie Gattari, Ford’s Dearborn, Mich.-based director of public affairs for production.
In June, preliminary approval under the Kentucky Jobs Retention Act was made by the KEDFA. The approval was made base on the 5,177 employees and allowance for a 3 percent annual employment reduction at the plant.
For more information, click here and see the full report.