Porter Road Butcher Meat Co., a meat processor, will invest more than $1.5 million to relocate and expand its production plant in Princeton, Kentucky. The company plans to hire 83 associates.
The company will relocate into two buildings encompassing 35,000 square feet in Princeton, which will allow it to increase production. Currently, the plant operates out of a 7,000-square-foot facility. The expansion will include creating a larger cutting room and expanded packaging and shipping capabilities. Currently, Porter Road employs 31 people in Caldwell County.
"Our business is built on strong relationships with our partners, customers and community," Chris Carter, the co-founder of Porter Road, said. "It was relationships that brought us to Princeton six years ago, and relationships that have encouraged us to deepen our roots and expand. We count ourselves fortunate to be working with a proactive team of economic developers including Princeton's elected officials and the Lake Barkley Partnership to meet our needs during this exciting time of growth. We are excited to bring more jobs to the community and continue the success of Porter Road and Princeton for years to come."
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program.
The performance-based agreement can provide up to $750,000 in tax incentives based on the company's investment of $1.51 million and annual target to create and maintain 83 Kentucky-resident, full-time jobs across 10 years.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments. In addition, Porter Road can receive resources from the Kentucky Skills Network.
Princeton Mayor Dakota Young said, "James and Chris and the rest of the crew at Porter Road have been incredible to work with. Their passion for our community is palpable," Mayor Young said. "They have a broad and dynamic vision for the future of their company, and thankfully, Princeton figures prominently in those plans. This project will bring a significant number of good, well-paying job opportunities to our citizens, and demonstrates the resiliency and attractiveness of our local economy and Princeton's small but important role in the resurgence of our regional, state and national economy from the depths of the COVID-19 crisis."
Governor Andy Beshear said, "as we look to reestablish and strengthen our economy, existing businesses like Porter Road will play a critical role in our success. I anticipate plenty more to come for the commonwealth in the months and years ahead."