Peristyle Invests $6.1 Million To Reopen 125-Year-Old Taylor Distillery In Woodford County, Kentucky
The company will spend the next 18 months restoring elements of the 83-acre complex, updating existing infrastructure with the goal of being operational in the fall of 2015. Peristyle will restore key buildings and areas in phases so the location can be opened for tourism and events.
“The Old Taylor Distillery is one of the most remarkable landmarks in central Kentucky,” said Will Arvin, an Executive at Peristyle LLC. “We believe that in the context of growth in demand for Kentucky-produced spirits worldwide, its location in the heart of the most productive bourbon distilling region and the need for additional food and hospitality options in an area experiencing growing tourism, this one-of-a-kind property holds great promise to become a prime destination for tourists and Kentuckians alike.”
Built in 1887, the Old Taylor Distillery was once considered a showcase of bourbon making in Kentucky, where one of the world’s largest stills and one of the longest bourbon warehouses are still in place. Founder E.H. Taylor is known as the father of the modern bourbon industry for his key role in the passage of the Bottled in Bond Act of 1897, which ended the widespread adulteration of distilled spirits.
Old Taylor was the first distillery to reach 1 million U.S. Government certified cases of straight bourbon. A drop in demand forced the distillery to close in 1972, and the property has since fallen into severe disrepair. The complex was highly regarded for its beauty, which includes an ornate, colonnaded spring house, sunken gardens, a fish pond and limestone buildings.
“This is exciting news on so many levels,” said Governor Steve Beshear. “Not only will Peristyle’s investment further solidify Kentucky’s bourbon legacy and create more jobs, but it also signals the renaissance of one of the state’s most historic and iconic distilleries. I want to thank Peristyle for restoring this proud tradition.”
“It’s been a goal this past year to find a company with the passion to preserve this historic distillery and bring new jobs to our community,” said John Soper, Chairman of the Woodford County Economic Development Authority. “We believe we found the right blueprint with Peristyle LLC at a time when Kentucky’s bourbon industry is at its height.”
To encourage the investment and job creation in Woodford County, the Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $200,000 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.
KEDFA also approved the company for tax benefits up to $50,000 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.
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