Sentinel-Echo.com

Homepage

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
Local Sports
slbaseball.jpg

Taylor Morris slides safely into second just ahead of the tag of Whitley County’s Michael Harris as the Cardinals defeated the Colonels, 4-0.

Opinion
Features
Galleries
Crime
Community Events
Must Read
Facebook
AP Video
Captain of Sunken SKorean Ferry Arrested Raw: Fire Destroys 3 N.J. Beachfront Homes Raw: Pope Presides Over Good Friday Mass Raw: Space X Launches to Space Station Superheroes Descend on Capitol Mall Man Charged in Kansas City Highway Shootings Obama Awards Navy Football Trophy Anti-semitic Leaflets Posted in Eastern Ukraine Raw: Magnitude-7.2 Earthquake Shakes Mexico City Ceremony at MIT Remembers One of Boston's Finest Raw: Students Hurt in Colo. School Bus Crash Raw: Church Tries for Record With Chalk Jesus Raw: Faithful Celebrate Good Friday Worldwide Deadly Avalanche Sweeps Slopes of Mount Everest Police Arrest Suspect in Highway Shootings Drought Concerns May Hurt Lake Tourism Vermont Goat Meat Gives Refugees Taste of Home Calif. Investigators Re-construct Fatal Bus Cras Mayor Rob Ford Launches Re-election Campaign Appellate Court Hears Okla. Gay Marriage Case
Hyperlocal Search
Premier Guide
Find a business

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

How do you celebrate Easter?

A. Celebrate with the fellowship at church.
B. Have a meal with friends and family.
C. Egg hunts with the kids.
D. All of the above.
     View Results