OWENSBORO, KY (WFIE) - Community leaders in Owensboro hosted a visit Tuesday by TerrePURE Kentucky Distillers.
The company recently bought the Charles Medley Distillery in Owensboro and has plans to renovate and repair buildings on the 28-acre site, as well as install new equipment.
"We have a distillery here that hasn't been in operation in 20 years so there is a lot of upgrades that need to be made.. modernization," said Earl Hewlette, Terressentia Corp.
Hewlette expects the renovated distillery will start producing bourbon in 18 months.
TerrePURE plans to invest $23 million to purchase the nearly 130-year-old facility and create 70 full-time jobs.
The Kentucky Economic Development Finance Authority preliminarily approved up to $1.2 million in tax incentives for TerrePURE through the Kentucky Business Investment Program.
The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
KEDFA also approved tax benefits for TerrePURe up to $100,000 through the Kentucky Enterprise Initiative Act, which allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing equipment.
TerrePURE is owned by South Carolina-based Terressentia Corp., which creates spirits by expediting the purifying process.