IT Supply Solutions, a company that refurbishes and remarkets computer equipment to businesses and school systems, plans a nearly $1.9 million expansion at its warehouse operations complex in Kenton County, Kentucky. The project is expected to create 15 full-time jobs in the coming years.
Leadership at IT Supply Solutions acquired two warehouses on Production Court in Independence, where the company previously operated as partial tenants. The company plans to construct a 40-by-60-foot extension connecting the two facilities, creating further efficiencies and providing room for future expansion. The project follows five years of significant growth.
Demand for refurbished computer equipment increased further this year as many organizations implemented work-from-home guidelines in response to the COVID-19 pandemic, state officials noted.
"We're excited to expand and create new jobs in a region and state that has not only supported our growth, but is also the place we call home," said Richard Dunaway, founder of IT Supply Solutions. "With demand increasing for computers and network hardware, we're fortunate to be growing in a time of economic uncertainty and look forward to expanding our operations in 2021. We pride ourselves on operating our business with a philanthropic mindset and hope that through the expansion we will be able to continue to serve the community in which we operate."
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 $250,000 in tax incentives based on the company's investment of $1.865 million and annual targets of creation and maintenance of 15 Kentucky-resident, full-time jobs across 10 years; and paying an average hourly wage of $28 including benefits across those jobs.
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, IT Supply Solutions can receive resources from the Kentucky Skills Network.
In December 2019, the company received $3,500 through the Kentucky Small Business Tax Credit program, which offers tax credits to small businesses making at least one hire in the past year and purchased a minimum of $5,000 in qualifying equipment or technology.
"Building a better Kentucky takes all of us, and that certainly extends to our existing industry," Governor Andy Beshear said. "IT Supply Solutions is a company that started here in the commonwealth and has capitalized on the opportunities our state offers to help businesses succeed. They truly are part of Team Kentucky, and I appreciate the company's continued investment in our state and our people."
Founded in 2015 by Richard Dunaway and John Bays the company provides customers with like-new equipment at reduced costs to meet the growing need for computers and other electronics. The company maintains R2 certification, making it a recycler of electronic equipment that can no longer be repurposed.