Governor Andy Beshear announced on Tuesday that Universal Piping Industries Incorporated, will construct a new operation in Georgetown and consolidate its existing Lexington facilities, which will add 25 new high-wage jobs.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority preliminary approved a 10-year incentive agreement with the company under the Kentucky Business Investment program.

The performance based agreement can provide up to $350,000 in tax incentives based on the company’s investment of $12.76 million and annual targets of the creation and maintenance of 25 Kentucky-resident, full time jobs across 10 years and paying an average hourly wage of $51 including benefits across those jobs.

Additionally, KEDFA approved UPI for up to $350,000 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, UPI can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.