Wednesday June 16, 2004
Rebecca Fleischaker Couch 502/574-2974 Steve Bittenbender 502/625-0086
Officials from Hi-Tech Mold & Tool, Louisville Metro Government, and Greater Louisville Inc. – The Metro Chamber of Commerce announced at today’s groundbreaking ceremony the expansion of its plastic injection molding production facility in the Renaissance Zone.
The expansion includes $5.5 million of investment for a new 85,000 square-foot facility, 150 new jobs in addition to the 107 current employees, and a projected payroll of approximately $3.5 million. Hi-Tech has gravitated its business from a tool and die operation to a plastic injection molding company. It currently is in 60,000 square feet.
“Hi-Tech is a homegrown success, providing stable jobs and necessary products,” stated Mayor Jerry E. Abramson. “This kind of economic development shows that Louisville is a great place to do business and will keep us competitive.”
The Renaissance Zone is a 3,000-acre business park due south of Louisville International Airport, established as a pilot-program Tax Increment Financing district by the State, Louisville Metro Government, and the Louisville Regional Airport Authority to finance infrastructure improvements within the zone.
Metro and State governments targeted this area, close to the interstate system, rail and airport, as a way to encourage manufacturing and industrial businesses looking to locate in a business park environment. Hi-Tech is the first company to expand or locate within the zone. Gerald Cox, owner of Hi-Tech Mold & Tool, said that he is “very excited about the future growth of Hi-Tech. It’s not only beneficial to the community with jobs being created, but it allows Hi-Tech the opportunity to further diversify with new products that we could not accommodate before with the limitations on space.”
Based on Hi-Tech’s plans, they have received approval from the Kentucky Economic Development Finance Authority for up to $2.2 million in state incentives.
“Hi-Tech’s decision to expand and create new jobs is exciting for the community,” said Steve Higdon, GLI’s president and CEO. “It also ushers in a new era of opportunity for businesses to locate and expand around Louisville International Airport – one of this community’s greatest assets.”
Since 1988, the Louisville Regional Airport Authority, airlines, airport tenants and customers, as well as local, state and federal governments have invested more than $800 million in improvements to the airport.
Those investments have led to more than $1 billion of additional investments surrounding the airport. Created in 2003, The Renaissance Zone is governed by a Board of Directors composed of the Louisville Regional Airport Authority’s Board, the Mayor of Louisville, seven of his appointees and three appointees of Kentucky’s Governor. A corporation has been established that is responsible for implementing needed infrastructure improvements to hasten development within the park.