Kentucky economic development officials have pre-qualified More Than A Bakery for nearly $9 million in incentives. Construction is to start this summer, with completion eyed for 2017.
The announcement was made Friday following a three-year site selection process. Bill Quigg, president of the Richmond-based family-owned company said he was pleased the company was securing acreage that would accommodate future expansion while supporting construction of a modern manufacturing plant to go up this year.
He said that expanding demand required widening production capacity. The company’s Indiana facility “is bursting at the seams,” he said, and “isn’t easily adapted for current production methods.” A previous expansion took place in Alma, GA.
Brandon Talbert, site selector at the Austin Co. in Cleveland, which handled the search, said the choice of Versailles reflected several key factors, including community and regional appeal, land availability and proximity to raw materials and transportation needs. The “attractive economic development incentive package and other assistance from the state of Kentucky” also played a role, he said.
The Kentucky Economic Development Finance Authority gave preliminary approval Thursday to an $8.7 million incentive package, including performance benchmarks that would be spread over 10 years. More Than A Bakery also received preliminary approval for $700,000 in tax incentives through the Kentucky Enterprise Initiative Act, which allows employers to recoup Kentucky sales and use tax on construction costs, Research and Development expenses, and expenditures for electronic processing.
About 40% of the Versailles site is currently zoned for industrial use. The remaining 60 acres will need to be rezoned, Versailles mayor Brian Traugott told the Lexington Herald Leader last week.
Richmond Baking bills itself as the oldest family-owned cookie and cracker bakery in the United States. It opened in 1902.