Sentinel-Echo.com

Local News

December 23, 2013

Loan approved for new industrial park

Fariston site one step closer to reality

LAUREL COUNTY, Ky. — The boom of businesses wishing to locate in the county took another step forward with the approval of a loan to the local industrial development authority.

The issue was approved during Thursday’s regular monthly meeting of the Laurel County Fiscal Court, with magistrates unanimously voting in favor of the Community Development Block Grant loan of $300,000 to the London-Laurel County Industrial Development Authority.

“This is to help purchase land for the new industrial park in Fariston,” said Laurel County Judge Executive David Westerfield.

The loan will be set at one-half percent interest for five years.

The loan was discussed during the November meeting although the interest rate had not been set at that time. With the expansion of several businesses and the location of several more in the county over the past year, most spots in existing industrial parks are filled. The Industrial Development Authority has been seeking to purchase property in the Fariston area for another business park. In the November meeting, Westerfield said the industrial authority was looking to purchase 45 acres at this time, although there is reportedly a total of 98 acres being considered for the entire development.

Magistrates also approved transferring $200,000  from the county’s Occupational Tax fund to the Laurel County Sheriff’s Office. Westerfield said that money will assist the sheriff’s office “to operate on until their fees come in.”

Such transfers from one fund to another are routine in fiscal court monetary transactions, said Rick Brewer, Deputy Judge Executive. For example, occupational tax collections are kept in a separate account, then dispersed out to other county departments. In Thursday’s meeting, $450,000 of the Occupational Tax Fund was transferred to the county’s road department, which will be used for blacktopping (and maintaining) the county’s roads. Another $100,000 of the occupational tax funds were transferred to the Laurel County Detention Center.

Text Only
Local News
Facebook
AP Video
Netanyahu Vows to Destroy Hamas Tunnels Obama Slams Republicans Over Lawsuit House Leaders Trade Blame for Inaction Malaysian PM: Stop Fighting in Ukraine Cantor Warns of Instability, Terror in Farewell Ravens' Ray Rice: 'I Made a Huge Mistake' Florida Panther Rebound Upsets Ranchers Small Plane Crash in San Diego Parking Lot Busy Franco's Not Afraid of Overexposure Fighting Blocks Access to Ukraine Crash Site Dangerous Bacteria Kills One in Florida Workers Dig for Survivors After India Landslide Texas Scientists Study Ebola Virus Smartphone Powered Paper Plane Debuts at Airshow Southern Accent Reduction Class Cancelled in TN
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Poll

Now that school is out, what are your family’s summer vacation plans?

A. No major plans. We will probably hang out around Laurel County.
B. Going to the beach!
C. Kentucky has a lot of wonderful state parks, and we plan to visit a few and enjoy quality family time.
     View Results