Eastern Kentucky aluminium firm Braidy Industries Inc. took another step late last month in bringing plans for its new aluminium rolling mill to life when it finalized purchase of a 204-acre tract on the banks of the Ohio River in northeastern Kentucky.
Officials with the Northeast Kentucky Regional Industrial Park Authority sealed the deal on December 20, deeding over the land in EastPark Industrial Center to Braidy for a sale price of around US$900,000.
In addition to the raw land, Braidy will also take title to a 110,000-ft2 spec building on site, which, though constructed in 2002, has remained vacant. It was last listed for sale at a price of US$1.25 million.
Braidy settled on the site in October after soil tests at a previously-selected location revealed it to be unsuitable for the purpose.
According to the firm, the new plant will create 550 permanent jobs and almost twice as many construction positions. Braidy says that it expects average pay for the plant to be around US$70,000 per year.
In order to sweeten the deal and secure a commitment from Braidy, state and local government entities offered tax incentives to the firm, including a US$15-million investment from the commonwealth and an additional US$10 million in tax incentives. Boyd and Greenup county governments pitched in by granting a property-tax abatement for Braidy on the grounds for two decades.
Kentucky Power President and COO Matt Satterwhite lauded the move as a “game changer” for the area’s economic fortunes.
“Today’s land acquisition marks another tangible event that further cements Braidy Industries’ commitment to invest, construct and create valuable, high wage jobs, here in eastern Kentucky, a commitment we here at Kentucky Power have never questioned.”
According to the firm, construction at the site is expected to commence in the spring, with an eye toward beginning production in 2020.