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SubscribeNew tech, process improvements to raise product quality in Bowling Green
General Motors Corp. plans to invest $290 million to improve technology and processes at its Corvette plant in Bowling Green, Gov. Matt Bevin announced today.
“GM has a long tradition of commitment to southcentral Kentucky and to producing, in Warren County, the finest sports cars in America,” said Gov. Bevin. “This benefits our entire state, both as a source of pride and as a tremendous contributor to our economy.
“For 35 years, the Bowling Green Assembly Plant has provided jobs to thousands of Kentuckians and to hundreds of suppliers and vendors. We congratulate GM and offer our commitment to lending them support for this project and any others they may undertake in the future,” continued Gov. Bevin.
The $290 million includes a $153 million new project aimed at improving vehicle assembly line processes. Two ongoing projects at the Warren County plant – a $44 million, 36-job capacity expansion of the Performance Build Center and a $439 million investment in a new paint shop and other facility upgrades – increased by about $137 million.
“We are making technology investments that will continue to improve our manufacturing processes and ultimately the quality of our vehicles,” said North American Manufacturing Manager Arvin Jones. “We are putting Corvette customers first by building upon our world-class manufacturing process.”
To encourage the investment and job growth in Bowling Green, the Kentucky Economic Development Finance Authority (KEDFA) in a special meeting in June preliminarily approved GM for up to $3 million in tax incentives through the Kentucky Business Investment (KBI) program. The incentives are based on eligible company investments of up to $153 million and creation of up to 270 jobs over 10 years.
KBI’s performance-based incentive allows a company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets.
Sen. Mike Wilson, of Bowling Green, noted the impact the announcement will make on one of the state’s target industries. Continue reading
Ahead of its 2016 DC Fly-In, GLI is releasing a document outlining its federal priorities for the business community in 2016.
“The federal agenda is a unique and essential advocacy tool utilized by our region,” said Kent Oyler, President & CEO, “When we take top leaders on the DC Fly-In, the agenda provides the ability to address a host of issues to our officials on a limited time frame.”
Each issue on the agenda directly impacts multiple businesses in the region. Those include:
- Reforms to the individual and corporate tax codes, a long-term solution for federal tax extenders, and a measure that allows states to levy a sales tax to online retailers just as they do “brick and mortar retailers”
- Flexible compensatory practices for private businesses in the wake of the Department of Labor’s Overtime Rule
- An increase in the H1-B visa cap that fits workforce needs
- Increased funding for education, especially early childhood education and STEM programs
- Concerns regarding over-burdensome EPA regulations, including an expansion of the definition of Waters of the U.S. and the Clean Power Plan
- Increased investment for inland waterways and an ensuring that funds allocated under the FAST Act are allocated as written
- Funding for aviation systems and reauthorization of the FAA
- International trade agreements that do not permit currency manipulation
- Reforms to the Affordable Care Act and the Recovery Audit Contractor program
- Expanding treatment for drug addiction and mental health
- Increased access to capital and funding for technical assistance and capacity building for small businesses
The policy priorities were selected by business leaders participating in GLI’s Public Policy Committee system. GLI also surveyed its membership to obtain feedback on federal policy issues. You can view the full agenda here.
“The agenda includes issues for businesses of all sizes and industries,” said Sarah Davasher-Wisdom, Chief Operating Officer, “Our committees take a holistic look at the region’s business ecosystem to ensure we are addressing the most timely and pertinent issues.”
Dozens of business leaders from across the Greater Louisville region will be embarking to Washington on June 22nd and 23rd for GLI’s 2016 DC Fly-In.
“Pause-50” plan aims to restore funding back to normal operating levels
Kentucky Transportation Cabinet (KYTC) Secretary Greg Thomas today testified before the Interim Joint Committee on Transportation about the condition of the Road Fund cash balance—the funding source for all Cabinet operations including construction, maintenance and general support.
In his testimony, Sec. Thomas detailed the seriousness of a low Road Fund cash balance and introduced the Cabinet’s “Pause-50” plan to restore funding back to normal operating levels.
“For the first time in recent history, the Cabinet faces a low Road Fund cash balance, which compromises our ability to authorize new state road projects over the next biennium,” said Sec. Thomas. “The “Pause-50” approach is designed to slow or delay the starts of new projects so that we can pay current expenditures, recoup lost revenue and rebuild our funding base.”
Based on the KYTC’s cash management plan, the Cabinet strives to have a balance of at least $100 million at any given time. The last time the cash balance neared zero was in 2004 when it hit $30 million.
Consequently, the Cabinet will implement the “Pause-50” plan by halting the starts of new state-funded projects in all phases, which includes design, right of way/utilities, and construction for the first year of the biennium; and in the second year, aim for a goal of $50 million to allocate on state-funded projects starts.
In essence, the Cabinet will “pause” adding new state-funded projects for the first year in the biennium. For the second year, the Cabinet anticipates the availability of $50 million for state-funded projects starts. The dollar amount could be higher or lower depending on actual expenditures of current projects and the flow of state revenue funding.
In March, Sec. Thomas gave legislators a brief overview of the situation and identified several critical factors that have contributed to the low cash balance—mainly, overspending with limited funds.
State spending has greatly exceeded revenues since Fiscal Year 2014. Road Fund revenues totaled $4.5 billion over FY 2014-2016. Over the same period, expenses totaled $5.035 billion, exceeding revenues by $498 million; meaning that the start of new state funded projects must be delayed in order to meet payment of current expenditures as well as restoring the $100 million cash balance threshold. Continue reading
President Barack Obama is scheduled to visit Louisville this week, according to multiple sources, including White House Deputy Press Secretary. Eric Schultz.
Obama will reportedly speak about the economy – including e-commerce – here before traveling to to Utah for a similar speech the following day. This will be the President’s first visit to Louisville since his stops during the 2008 campaign cycle – unsuccessful visits, since his opponent won the Kentucky vote in both 2008 and 2012.
Further details about the President’s visit are not currently available. Be sure to keep an eye on Louisville Dispatch Traffic Report to avoid traffic jams caused by the Commander in Chief’s visit.
