The City Council may by ordinance abate real and/or tangible property taxes for a period of up to five years to induce manufacturing establishments to locate within the city, per KRS 92.300(1). The company must agree to remain in the community for a period of up to ten years after its startup or, alternatively, to repay a pro rata share of these incentives based upon the duration of the company’s location in the community within that period. The company, in order to qualify for the exemptions above, must be adding at a minimum, 25 full-time jobs as certified by the Bardstown Industrial Development Corporation (BIDC).
(Ord. B2016-04, passed 5-10-16)