Cabinet for Economic Development
Governor Beshear Announces Tractor Supply Company to Locate New Distribution Facility in Simpson County
Company to invest more than $53.1 million, create 216 new full-time jobs
FRANKLIN, Ky. (Nov. 18, 2010) – Gov. Steve Beshear today joined community leaders and company officials from Tractor Supply Company (TSC) in Franklin to announce the company will construct a new 840,000 square-foot distribution facility to service the mid-eastern United States. The new location project will create 216 new jobs within three years of operation and represents a capital investment of more than $53.1 million in the Commonwealth.
“Tractor Supply Company, a nationally known company, is a fantastic addition to Kentucky’s corporate landscape, bringing hundreds of jobs and a more than $53.1 million investment to the Commonwealth,” said Gov. Beshear. “Kentucky is proud to play a role in this significant project and looks forward to a continued partnership with TSC for years to come.”
Founded in 1938, Tractor Supply Company offers a number of products for home improvement, agriculture, lawn and garden maintenance, livestock, equine and pet care. The company offers both name-brand merchandise and its own stable of private-label goods. TSC operates more than 930 stores in 40 states under the Tractor Supply Company and Del’s Farm Supply banners.
Following today’s announcement, Gov. Beshear, TSC executives and Simpson County community leaders broke ground for the new facility, which will be located in the Sanders Interstate Industrial Park and is expected to be fully operational by the end of 2011.
“We evaluated numerous sites and chose Franklin as the best location for this facility,” said Jim Wright, chairman of the board and CEO for Tractor Supply. “We’re very pleased to be locating our new center in Simpson County, and we appreciate the hard work of the county and state officials who helped us through the process. Franklin’s central location offers many benefits to the company and our vendors, now and in the future. We anticipate a very productive business partnership with the community.”
The economic development project was aided by two state tax incentive programs, the Kentucky Business Investment (KBI) program and the Kentucky Enterprise Initiative Act (KEIA). The Kentucky Economic Development Finance Authority preliminarily approved TSC for up to $2.9 million through KBI, which can be earned over a 10-year period through corporate income tax credits and wage assessments, and up to $939,762 in KEIA benefits, which allows approved companies to recoup Kentucky sales and use tax on the cost of construction materials, building fixtures and equipment used for research and development.
“As chairman of the Senate Agriculture Committee and actively engaged in farming, I know the value of Tractor Supply Company,” said Sen. David Givens of Greensburg. “This distribution site expands on the existing relationship between Kentucky farm families and Tractor Supply Company. In addition, the project reflects the progressive attitude of the Simpson County economic development community.”
“We appreciate TSC so much for selecting Franklin for their new distribution facility,” said Rep. Wilson Stone of Scottsville. “Adding a growing, high-quality employer like TSC to our community establishes another pillar in our local economy.”
“I’m so pleased with TSC’s decision to locate here in Franklin,” said Simpson County Judge Executive Jim Henderson. “This company is a great fit for our community. TSC’s business philosophy goes hand in hand with Simpson County’s rural heritage and small town values. I look forward to TSC’s success as they service their stores from this strategic location.”
A detailed community profile for Franklin (Simpson County) can be viewed at http://thinkkentucky.com/EDIS/cmnty/index.aspx?cw=079. Information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.