A manufacturer of ceiling fans for industrial, agricultural, commercial and residential customers, Big Ass Fans is investing $8 million on a 72,000-square-foot expansion to its 45,000-square foot research and testing facility in Lexington, Kentucky, with estimates of creating 150 jobs.
The expansion includes 56,000 square feet for office space and 16,000 square feet for storage and warehouse space on Jaggie Fox Way in Lexington. The firm also plans to maintain its Lexington campus location off Winchester Road.
"I'm delighted to see this expansion and witness the tremendous success of Big Ass Fans, a Kentucky-based company," Gov.Steve Beshear said. "These new jobs will have a positive impact for the community, creating quality jobs in the Lexington area. I'm glad the Commonwealth could play a role in making this growth possible."
Founded in 1999 as HVLS, the High Volume Low Speed Fan Company, the firm changed its name in 2002. "While our name may be funny, we take our business seriously," says Carey Smith, President of Big Ass Fans,. "Our company's success can be credited, in large part, to the quality employees we have attracted and maintained in central Kentucky. Combining this pool of talent with products that really work has led to enormous success, which we're proud to now reinvest back into the community."
As an incentive to encourage the investment and job growth in Lexington, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $2 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
The firm was also approved for tax benefits up to $210,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development, and electronic processing equipment.
"This announcement is good news for Lexington," said Lexington Mayor Jim Gray. "We're proud to be home to Big Ass Fans. They bring good jobs to our city, and we have citizens who need those jobs."
"This is an exciting announcement for central Kentucky," said Sen. Kathy Stein, of Lexington. "This investment by Big Ass Fans is an investment in our community. The 150 new jobs resulting from this expansion will provide a boost to our local economy and new opportunities for our workforce. Big Ass Fans continues to enhance our position as the prime location for innovative businesses to plant themselves, grow roots and be cultivated into the fertile soil we are developing to be the regional leader in excellence in our new economy.