To encourage the investment and job creation in Madisonville, the Kentucky Economic Development Finance Authority (KEDFA) preliminarily approved the company for tax incentives up to $10 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
Over the next few years, Berry will ramp up employment at the facility to reach a targeted employment level of 400. In early 2013, the Company will begin accepting applications for these positions which are expected to be filled predominately by residents of Kentucky.
“On behalf of the citizens of Hopkins County, I wish to applaud Berry Plastics for choosing Madisonville and Hopkins County for this significant investment,” said Hopkins County Judge-Executive Donald Carroll. “We pledge as a community to work with Berry Plastics in achieving success with this plant now and in the future. We are excited about the tremendous number of jobs and investment and what that means for Hopkins County. Our thanks go out to the Commonwealth of Kentucky and the local economic development corporation for their efforts.”
KEDFA also approved Berry Plastics for tax benefits up to $450,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.Kent Mills, Chairman of the Madisonville/Hopkins County Economic Development Corporation, said that the MHCEDC has worked with the company for several months on the selection of Madisonville/Hopkins County for this significant new project. He stated, “This new Berry Plastics production facility represents one of the largest projects ever announced in Madisonville and Hopkins County. We look forward to a long and mutually beneficial relationship with the company and will work closely as a partner to realize success for the company and community.”