Phillips Tank & Structure Plans Adair County, Kentucky, Operations
The investment will include 15,000-square-foot fabrication shop, a 5,000-square-foot tool house/garage and 5,000 square feet of office space. Construction is scheduled to begin in March 2024 and be completed by December 2024.
“We have been searching for suitable locations to expand our branch offices,” said PTS Vice President Jeff Sassic. “The available state and county incentives made Adair County, Kentucky, a very attractive option that was difficult to pass up. The Adair County Economic Development representatives were wonderful to deal with and made the process as easy as possible. We are excited to join the Adair County community. We look forward to contributing to the growth and development of the local economy.”
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA )preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $550,000 in tax incentives based on the company’s investment of $2.76 million and annual targets of: creation and maintenance of 20 Kentucky-resident, full-time jobs across 15 years; and paying an average hourly wage of $23.32 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.
“Phillips Tank & Structure is a great example of the quality companies that are choosing Kentucky to locate their business, noted Governor Andy Beshear. “Our economy is thriving, and PTS is a valued addition to that momentum. I want to congratulate the company on its new fabrication facility in Adair County and thank its leadership for choosing to invest in the commonwealth and our incredible workforce.”
In addition, PTS can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
“On behalf of our entire EDA team, we are excited that Phillips Tank & Structure has chosen to locate in Columbia, Kentucky,” Added Columbia-Adair County Economic Development Authority Chairman Larry Walker. “PTS’s $2.76 million investment and creation of 20 well-paying jobs furthers the momentum of recent announcements in Green River Commerce Park. As their company grows, we are happy that they have chosen to grow with us!”
Conway-Phillips Holding LLC, doing business as Phillips Tank & Structure, is a nationwide contractor engaged in engineering, designing, repairing and constructing above-ground storage tanks in the petroleum, chemical, agricultural, U.S. defense and other industries.
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