By GAGE WILSON
For Glasgow News 1
The Glasgow City Council moved forward Tuesday evening with the first reading of an ordinance connected to a proposed economic incentive agreement for Sharp Carts, LLC, a measure tied to the company’s application through the state’s Kentucky Business Investment program.
Sharp Carts is a manufacturing and distribution company specializing in shopping carts and related retail equipment. The company operates out of Carroll Knicely Drive in the Highland Glen Industrial Park.
Under the proposed ordinance, Sharp Carts would be permitted to retain a portion of the occupational license fees generated from qualifying employee wages as an incentive tied to the project. The agreement would allow the company to keep 1 percent of the city’s 1.75 percent occupational tax collected from certain employees associated with the project, provided the company meets investment and job-related benchmarks established through its application.
“The idea behind that incentive is that for a defined period of time, which is ten years under this particular ordinance, they will be able to retain that 1 percent,” explained city attorney Rich Alexander. “To use in other areas of their business to help facilitate their location to Glasgow.”
The Kentucky Business Investment program is a state-level incentive initiative designed to encourage companies to expand or locate operations within Kentucky by offering tax incentives tied to job creation and capital investment. Local governments may participate in those agreements by approving supplemental incentives, such as the partial retention of payroll taxes.
If approved on second reading, the ordinance would not eliminate occupational taxes for employees, but instead redirect a portion of the tax revenue back to the company for a set period of time as an economic development incentive. The incentive would remain contingent on Sharp Carts meeting the terms laid out in its state application, including requirements related to employment levels and investment commitments.
Council members approved the ordinance on first reading, with additional consideration expected at next month’s meeting before the measure can formally take effect.
With minimal discussion, the council also passed a rezoning measure along E. Main Street, changing the property from R-2 to R-4 zoning. The former designation is primarily reserved for lower-density housing, such as single-family homes, while the latter is intended for higher-density residential development, including apartments.
The council also heard from Parks and Recreation Director Eddie Furlong, who said that despite inclement weather, the Joyce Driver Aquatic Center had a strong turnout during the park’s opening weekend.
“We had a great weekend even though the weather wasn’t the best,” Furlong said. “We’re very happy about that.”
The next Glasgow City Council meeting is scheduled for June 8 at 6 p.m.
Key facts:
Glasgow city council approved the first reading of a Sharp Carts incentive ordinance.
The ordinance would let the company retain 1 percent of the city’s 1.75 percent occupational tax from certain employees.
The incentive would last 10 years and is tied to state job and investment benchmarks under the Kentucky Business Investment program.
Council approved rezoning along East Main Street from R-2 to R-4 for higher-density residential development.
Parks officials reported strong opening-weekend turnout at the Joyce Driver Aquatic Center despite poor weather.
The next Glasgow City Council meeting is set for June 8 at 6 p.m. at city hall.
