Pennyroyal Barrel Establishes Columbia, Kentucky, Operations
The new campus will include a blending and bottling facility, single-story rickhouses for consistent aging, a storefront to purchase each brand’s products and apparel, a tasting room in a repurposed grain silo, a single barrel selection room and a wooded amphitheater with walking paths. Construction is scheduled to begin in late summer to early fall.
“The opportunity to be a part of and contribute to something so steeped in Kentucky history, while with our own unique spin, is such an honor,” said PBC co-founder Daniel Griffith. “I am excited to be part of something I care so deeply about and to work with the community we are joining. Columbia, Kentucky, and Adair County have been so welcoming, and we are excited to see what the future holds.”
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 $225,000 in tax incentives based on the company’s investment of $8.52 million and annual targets of; Creation and maintenance of 10 Kentucky-resident, full-time jobs across 15 years, and paying an average hourly wage of $20.40 including benefits across those jobs.
Additionally, KEDFA approved PBC for up to $150,000 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.
“The EDA has been working on infrastructure improvements in the Green River Commerce Park, as well as a competitive incentive package for several years now.” added Columbia-Adair County Economic Development Authority Chairman Bobby Morrison. “The vision of our EDA Board and the continued support of community leadership has made it possible for Pennyroyal Barrel Co. to locate in the commerce park, and I couldn't be more pleased. This collaboration will help bring much-needed jobs and economic opportunities to the area.”
In addition, PBC 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.
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