New vertical farming operation to create 125 jobs

80 Acres Farms moves forward with plans to locate a new vertical farming facility in Boone County, which will create 125 well-paying jobs with a $74 million investment.

The operation will locate in an existing 200,000-square-foot building on more than 22 acres. The facility will be converted into a vertical farming operation to serve the local market and is expected to begin operations in Q3 2022. It will include a high-tech indoor vertical farm and harvesting, packaging and distribution capabilities for leafy greens, microgreens, berries and tomatoes. Once fully operational, the controlled-environment farm will produce millions of servings of local, fresh produce for the surrounding area.

Founded in 2015, 80 Acres operates indoor farms using 100% renewable energy and without the use of pesticides. The company's flagship farm, located in Hamilton, Ohio, has capacity to grow 10 million servings of produce annually. 80 Acres currently operates eight farms and produces a range of food products, including salad blends, microgreens, tomatoes, basil and cucumbers, with plans to begin production of strawberries. The company supplies more than 300 Kroger stores nationwide, as well as other regional grocers.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) today preliminarily approved a 10-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $2 million in tax incentives based on the company's investment of $74 million and annual targets of:

• Creation and maintenance of 125 Kentucky-resident, full-time jobs across 10 years; and
• Paying an average hourly wage of $45 including benefits across those jobs.

Additionally, KEDFA approved the company for up to $250,000 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.

In addition, 80 Acres can receive resources from Kentucky's workforce service providers. These include no-cost recruitment and job placement services, reduced-cost customized training and job training incentives.

For more information on 80 Acres Farms, visit 80AcresFarms.com.

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Photo Courtesy of iFarm

Source: The Lane Report