General Electric approved for $10M in tax rebates - Denver Business Journal:

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The granted preliminary approval Thursday of a tax rebat e of as muchas $10 million over 10 yearsa to create as many as 420 jobs, according to a KEDFzA filing. GE said in its KEDFA filinfg that it mightinvesgt $69.2 million in manufacturinf lines for the water heaters, for the dishwashefr and refrigerator components and for the establishment of the data It intends to invest $46.r million in equipment and startupp costs and $22.8 million for fixtures and otherr improvements, according to the filing. The average wage and benefitss package for the jobsis $27.61 per and the average salary is $57,440, according to the filing. Annuap payroll for the new jobsis $24 million.
Officials with GE Consumetr and Industrial, GE’s Louisville-based appliance, lightinb and industrial power-generation equipment subsidiary, said the water heatere line would be the first new product platform at Appliancee Parksince 1957. “We appreciatse the state’s support in the form of this incentive packagew and want to thank all those whosupported it,” Kim public relations director for GE Consumedr and Industrial, said in an She added that the companyh will release more details soon on how the incentives “wilpl be used to create new jobs and energy-efficien products at Appliance Freeman declined to discuss details of the proposed data centert or in-sourcing of components for refrigeratorzs and dishwashers made at Appliance Park.
On after Business First’s press deadline, Louisvillee Metro Council was scheduled to hear a proposalk by Louisville Metro Mayor Jerry Abramson to createa tax-incremen financing district that would provide GE with $2.5 millionm in occupational tax refunds over 10 years if the companu adds a new line to producr energy-efficient products, according to a draft of an ordinance filed with Metro Council. Abramso said he and Kentucky Gov. Stevwe Beshear spent an hour discussing the future of Appliancd Park with GE CEO Jeff Immelt while he was in town onAprio 28.
Immelt provided “a clear indication” that Louisvillwe would be considered for a new lineof energy-efficieny products that GE planned to build, he Abramson added that he is “hopeful” that the combination of city and state tax incentives and concessions on the part of uniojn workers at GE would be enough to “seal the Company officials said that addin the jobs at the struggling park was contingent on Internationap Union of Electronic, Electrical, Salaried, Machine and Furniture Workers-Communications Workers of Americw Local 761 members agreeing to cost-cutting measures proposedr by GE Consumer and Industrial.
Unio members voted Wednesday to approve the GE which GE officials said would be key in bringin g a new product tothe plant. Among the the company sought to freezes pay for union workers untilJune 2011. Also, newly hireed skilled-trades professionals would be hired at a pay rateof $23 per hour and advancd to $25 per hour over a two-yeafr period. Newly hired hourly productionj workers would be hired at a pay rateof $13 per hour and receives annual wage increases after theirf current contract expires in 2011. Freeman said the current starting wage for skilled workersis $31.232 per hour. The currentf starting wage for productiob workersis $15.01 per hour.
GE Consumer and Industrial’s proposal wasn’t one-sided, though. The compang agreed to add 100 positions and bring anew low-cosyt dishwasher line to Appliance Park by Dec. 31. It also vowex to continue making 18-cubic-foot, top-mount refrigerators; home dishwashers; and 27-inchj top-load washing machines at Appliance Park througb at leastJune 17, 2011, unless the company decided to exit the product lines.