Council approves bakery tax breaks
The Versailles City Council Tuesday heard first reading of an ordinance exempting More Than A Bakery from property taxes for five years. The measure will receive a second reading at the April 18 council meeting and would take effect Jan. 1, 2017. Richmond Baking Company, the owner of More Than A Bakery, recently announced plans to build a 400,000 square-foot facility on Big Sink Road that will employ 310 by late 2017. Workers will make snack crackers and related items. The council and Woodford Fiscal Court already approved tax breaks for the company. After the reading, Mayor Brian Traugott said when the company was deciding whether to come to Versailles, he pledged the city's support in four areas: the already-passed decade-long payroll tax cut, the five-year property tax abatement; and for the city to pay for sewer and water lines to the property line. "We met in here one Friday and went through their list of what they were requesting and with the understanding that the other Central Kentucky town that we were competing with was giving them over $1 million in free land, which was a pretty big thing to compete against, particularly when they have to spend millions on this land," Traugott said. Tuesday, Traugott said the cost of the sewer and water connections was approximately $26,699.72, which he called a bargain, considering the company's projected economic impact on the area. The council voted 5 to 0 (council member Ken Kerkhoff was absent) to pay for the sewer and water hook-ups. Before the meeting, Traugott distributed a fact sheet about More Than A Bakery put together by the Woodford County Economic Development Authority. According to a University of Louisville study cited in the sheet, the company's annual payroll of $10,464,343 could generate $636,148 in tax revenue for the city of Versailles and Woodford County, depending on incentives. The company's total capital investment of $57.1 million includes $3.1 million for the land, $32 million for building construction and $20 million for equipment for the plant. Huntertown Glen annexation A first reading was also held for an ordinance declaring the city's intent to annex 4.991 acres at the intersection of Huntertown Road and Tuscan Way, which is part of Huntertown Glen Estates subdivision. City Attorney Bill Moore said the rest of the subdivision was annexed in 2004, and only recently was it discovered that the nearly five acres had not been included. The Versailles-Midway-Woodford County Planning Commission is not required to hold a hearing on the matter, which doesn't involve a zone change or amendment to the Comprehensive Plan. Affected residents will be notified of the intended annexation, some of which runs through portions of individual lots, Traugott said.