Governor Ernie Fletcher and the Cabinet for Economic Development presented the proceeds from a $1.5 million Economic Development Bond Grant to the Warren County Fiscal Court on behalf of Bowling Green Metalforming, LLC, a wholly owned subsidiary of Magna International, Inc.
"I'm excited to present this Economic Development Grant to assist Magna International in purchasing equipment for Bowling Green Metalforming's new facility," stated Gov. Fletcher. "Their investment in the commonwealth represents superb opportunities for the Bowling Green community and for all of Kentucky and I commend Judge Buchanon and the Warren County Fiscal Court for their outstanding work in bringing new jobs to Kentucky."
Magna, an internationally known automotive supplier, announced its intent in December 2003 to construct a 900,000 square foot manufacturing and assembly facility on approximately 132 acres within the Kentucky TriModal Transpark in Warren County. An expansion of the project was announced in January 2004, representing a combined investment of more than $212 million and creating 1,100 new jobs for Kentuckians.
Economic Development Bond grants are made through local government entities to companies that are locating or expanding their manufacturing or distribution operations in Kentucky. Companies receiving EDB grants must make a commitment to create and/or retain a certain number of new and existing jobs and may also require a company to pay certain wages to its employees and maintain a certain level of payroll. Additionally, companies may also be required to make a certain level of capital investment in the project.
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