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Pittsburgh, Pa.-based LEO Inc. has revised its plan to bring a steelprocessing plant to Jefferson Riverport International, more than doubling its initial investment from $176 million to $383.6 million.
The company's request for state tax credits received preliminary approval from the Kentucky Economic Development Finance Authority in Frankfort on Thursday.
LEO received preliminary approved for up to $16 million in incentives over 10 years.
The request was LEO's second filing with the state agency for the project.
LEO received preliminary KEDFA approval for $17 million in tax credits for the project in 2000. That application expired when LEO did not seek final approval within a year of getting the preliminary approval, as required by state law.
Company chairman and CEO Matthew Botsford said delays in obtaining financing slowed the project. The company also has retooled its plan since it first applied.
"We went ahead and re-filed," he said. "It has worked perfectly."
LEO's plant is expected to be one of the region's largest capital investment projects to be announced this year, according to a news release from Louisville-Jefferson County Metro Government and Greater Louisville Inc., the metro chamber of commerce.
"We are...