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Emerald Energy and Exploration Land Relocates-Plans Salyersville, Kentucky, Headquarters

Emerald Energy and Exploration Land Co., which provides Right of Way land acquisition and project management services, will relocate its headquarters to Gifford Road Industrial Park in Salyersville, Kentucky. The $1.4 million project is expected to create 25 jobs.

The investment includes construction of a 10,000-square-foot facility on five acres that will house the company’s executive team, project supervisors, administrative staff, mapping personnel and field crews. Construction is planned for early 2024 and for completion by the start of 2025.

“Emerald Energy is grateful to be in a position that we can provide opportunities to Eastern Kentuckians entering or returning to the workforce,” said Emerald Energy President Adam Bailey. “Emerald is dedicated to improving the infrastructure of the region by helping utilities provide safe and reliable services. We appreciate the incentives provided by the Commonwealth of Kentucky and Magoffin County and their elected officials for making this possible.”

To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority in September preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company’s investment of $1.4 million and annual targets of creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years, and paying an average hourly wage of $20 including benefits across those jobs.

Additionally, KEDFA approved the company for up to $15,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing. 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, Emerald 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.

“The extension of the Mountain Parkway greatly improves access to Eastern Kentucky and positions new and existing businesses to invest, grow and create quality jobs for our residents in the region,” Governor Andy Beshear noted. “This project will benefit Magoffin County and the surrounding area as Emerald Energy continues to grow in the commonwealth. It has been a mission of my administration to create great jobs in Eastern Kentucky, and this is another step toward achieving that goal.”

Emerald’s services help clients in the energy industry deliver power to their destination and the company has experienced significant growth in the past five years. The company’s Eastern Kentucky operation is recognized by the U.S. Small Business Association as a Historically Underutilized Business Zone (HUBZone) and employs more than 30 people in Kentucky. Emerald also operates in Corbin and Louisville, in addition to locations in Indiana, Illinois, Michigan, Minnesota, Missouri, Ohio, Tennessee, Virginia and West Virginia.

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