CONVENIENT LOCATION … In A Beautiful Setting!

In 1982, community and business leaders united to form the Carroll County Community Development Corporation (“CCCDC”), an innovative organization designed to promote community development and to improve the quality of life for all who live and work in Carroll County. Since then, the Carroll County Community Development Corporation has coordinated the development efforts of city and county governments, recruited new businesses and industries to Carroll County, assisted with the expansion of existing Carroll County industries, and worked to improve housing, education, and cultural opportunities. With a consistent focus on commercial and industrial development projects and efforts to improve the quality of life for those who live and work in this county, the Carroll County Community Development Corporation continues to actively promote Carroll County and the many benefits it offers to prospective businesses and industries. Carroll County offers the lowest cost electricity in the nation. Interstate 71 serves Carroll County. Carroll County is ranked 4th in Expansion Management’s Top 50 U.S. Cities for European Investment. Retail sales in Carroll County have increased 126% since 1997. Carroll County is close to two International Airports with UPS and DHL Worldwide Express hubs. The Ohio River and Kentucky River provide water transportation access to Carroll County. Carroll County offers several barge facilities along the Ohio River. Carroll County contains a massive aquifer extending along the Ohio River from northern Carroll County to the Kentucky River. This unique resource provides mass quantities of fresh water at a near-constant temperature of 56°F. Ford has two manufacturing facilities in nearby Louisville, Kentucky. Toyota Manufacturing is only one hour away in Georgetown, Kentucky. Carroll County is about to complete construction of a new regional wastewater treatment facility that will offer excess capacity of 3.3 million gallons per day. Carroll County is home to Jefferson Community and Technical College and a state-of-the-art vocational training program. General Butler State Resort Park (“Butler”) is located in the heart of Carroll County, less than two miles from Interstate 71. Butler offers 791 acres of park space, a 30-acre lake, boat dock, 9-hole golf course, swimming pool, playgrounds, tennis courts, organized recreational activities, fishing, camping, 56 lodge rooms, and hiking trails. Butler has an annual attendance in excess of 1,000,000 people, and the park includes a convention center with seating for 500—banquet style, or 800—theatre style. Eleven miles north of Carrollton on Interstate 71, the Kentucky Speedway hosts seven to eight races each year in addition to a variety of other events and concerts. Each of the Kentucky Speedway events attracts more than 70,000 people to the area.

 FINANCIAL INCENTIVES

 The State of Kentucky offers many different incentive packages. They are as follows:

• Bluegrass State Skills Corporation Skills Training Investment Credit Provides credit against Kentucky income tax to existing businesses that sponsor occupational or skills upgrade training programs for the benefit of their employees.
• Kentucky Rural Economic Development Act - KREDA (PDF) For new and expanding manufacturing projects in qualified KREDA designated counties. Companies with projects approved under KREDA may potentially receive state income tax credits and job assessment fees for up to 100% of their capital investment for up to 15 years on land, buildings, site development, building fixtures and equipment used in a project.
• Kentucky Jobs Development Act - KJDA (PDF) For new and expanding service and technology related projects. KJDA projects may receive a 100% credit against the state income tax arising from a project and may collect a job assessment fee of up to 5% of the gross wages of each employee whose job is created by the project and who is subject to Kentucky income tax. Amounts can be up to 50% of project start-up cost and up to 50% of annual facility rental cost or rental value for up to 10 years. The local community must approve the project prior to the submission of an application.
• Kentucky Industrial Development Act - KIDA (PDF) For new and expanding manufacturing projects. Projects approved under KIDA may receive state income tax credits for up to 100% of its capital investment for up to 10 years on land, buildings, site development, building fixtures and equipment used in a project. Or, the company may collect a job assessment fee of 3% of the gross wages of each employee whose job is created by the approved project and who is subject to Kentucky income tax.
• Kentucky Economic Opportunity Zone Program - KEOZ (PDF) Counties, urban county governments, or cities of the first class apply through KEDFA (see above) for certification of an Opportunity Zone based on qualifying census tract information. New or expanding manufacturing or service/technology companies may be permitted the following inducements under the KEOZ program:
  • An income tax credit of up to 100% of the Kentucky income tax liability on income generated by or arising out of the project; and
  • A job development assessment fee of up to 5% of gross wages.
• Kentucky Investment Fund Act - KIFA (PDF) KIFA provides tax credits to individuals and companies that invest in approved venture capital funds. Investors in KIFA approved funds are entitled to a 40% credit against Kentucky individual or corporate income tax or Kentucky corporate license tax. KEDFA (see above) approves investment funds and fund managers.
  • Quick Reference Chart for KJDA, KREDA, KEOZ & KIDA (PDF)

 Other Business Incentives and Financial Programs

• Bluegrass State Skills Corporation Grant Reimbursement Program Provides matching grant funds for customized business and industry-specific training programs.
• Direct Loan Program (KEDFA) (PDF) KEDFA encourages economic development business expansion and job creation by providing business loans to supplement other financing. The Direct Loan Program provides loans at below-market interest rates (subject to the availability of state revolving loan funds) for fixed asset financing for agribusiness, tourism, industrial ventures, or the service industry. Retail projects are not eligible.
• Enterprise Zones (PDF) Encourages new or renewed development to targeted areas of the state by offering special tax incentives and eased regulations to businesses locating in a zone.
• Industrial Revenue Bonds - IRB (PDF) IRBs issued by state and local governments in Kentucky can be used to finance manufacturing projects and their warehousing areas, major transportation and communication facilities, most health care facilities, and mineral extraction and processing projects.
  • IRB Procedures
• Alliance Assistance Facilitation and resources for identifying market opportunities, creating alliances, finding suitable partners and analyzing existing alliances and joint ventures.
• Angel Capital Electronic Network (ACE-NET) Listing service to facilitate exchange of information between entrepreneurs and investors.
• Commonwealth Small Business Development Corporation-CSBDC SBA 504 Loan Program.
• Community Development Block Grants Loans - CDBG Federally funded low interest loans.
• Kentucky Tourism Development Act - KTDA Incentives for qualified new or expanded tourism projects.
• Linked Deposit Program Loans up to $100,000 for small business and agribusiness.
• Local Government Economic Development Fund - LGEDF Grants to eligible coal producing counties to diversify local economies.
• Tax Increment Financing

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