By Joe Lewis - Staff Writer
May 1, 2013 — A newly-formed manufacturing firm in Olive Hill has received preliminary approval for $1.5 million in state tax incentives to help the company get off the ground.
Smith and Smith Manufacturing, Inc., formed last November, submitted an application soon thereafter to the Kentucky Cabinet for Economic Development seeking tax breaks as an incentive for setting up shop in Olive Hill.
Information obtained from the Secretary of State's office lists Jeff Smith of Olive Hill and John Smith of Flemingsburg as joint owners of the company.
According to figures submitted in the application, the facility would create 50 new local jobs paying approximately $13.50 per hour in its first year with that number growing to 80 in subsequent years.
“The Smith and Smith plan to create and sell stick-built modular homes that are designed with superior energy efficiency as the cornerstone of their construction would be a worthy and necessary use of resources for the community,” said Rep. Jill York, R-Grayson, in a support letter submitted with the application.
In addition to construction of modular homes, the factory also would produce three- dimensional foam sculpted products for the automotive and sign industries, as well as a patented intravenous (IV) medication holder for pediatric patients.
Although the location of the proposed manufacturing facility remains a closely guarded secret, the Journal-Times has learned that serious consideration is being given to the former General Refractories brickyard in Olive Hill.
Though Smith and Smith has received preliminary approval for the tax incentives, the company will not be able to utilize them until it can show proof of investments to the Cabinet for Economic Development.
According to the application, the total start-up cost for the project is $2.5 million. The owners have provided no information on a possible opening date for the facility.
Joe Lewis can be reached at email@example.com or by telephone at 286-4201.