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The much-heralded mill, pushed by former Gov. Matt Bevin, promised to reshape northeastern Kentucky but missed a series of deadlines and never was built.Â
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Backers of the tax increment financing plan say it’s a way to use an established economic development tool. But some economists, TIF scholars and land-use experts caution that its massive size and novel structure could create difficulties or unintended consequences in the future. Â
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A bill that would set in motion efforts to recover the state's $15 million investment in the project won initial approval from the Senate Appropriations and Revenue Committee.
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‘I've run out of patience with these folks,’ says Sen. Chris McDaniel, who filed legislation Thursday to get the state’s money back.
The measures seek to attract companies making a $2 billion investment in Kentucky, including at a state-owned site in Glendale, Ky., where officials failed to land a Hyundai plant in 2002.
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The plant is supposed to bring 550 high-wage jobs to the state.
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High-ranking Democrats in the U.S. House and Senate are calling for a review of a Russian company's investment into Braidy Industries' planned aluminum plant in Ashland, Ky.
Braidy Industries is telling potential investors that the aluminum mill it plans to build in north east Kentucky will open in 2021, not 2020 as previously projected. The company calls it a "minor adjustment to the construction schedule."
The aluminum startup said its founder made a 'heroic' move by serving as a 'bridge' to investors who weren't yet ready to buy into the company.
The company, in which Kentucky taxpayers have already invested $15 million, is trying to raise $500 million to begin construction of an aluminum rolling mill that promises to employ 600.