On Tuesday, the Owensboro, KY, City Commission unanimously approved a municipal order that will allow Owensboro Grain to retain 1% of all new occupational license fees due and payable to the city from the salaries, wages and other compensation to be paid to new employees hired under OG&A BioSpecialties LLC, reports the Messenger-Inquirer.
Owensboro Grain will receive this tax rebate for the next 10 years after having met the criteria under the Kentucky Economic Development Finance Authority’s (KEDFA) Kentucky Business Investment Program.
In 2016, Owensboro Grain worked with Houston-based Accelergy Corp. to create OG&A BioSpecialties LLC, a company that commercializes and markets soy-based lubricants, solvents and waxes produced at Owensboro Grain.
Aside from candles, the soy-based wax can also be used to produce fluid for electrical transformers and coating cardboard boxes, among other things, said John Wright, Owensboro Grain executive vice president.
The plant can produce upward of 150 million pounds of wax a year, using 10 million bushels of soybeans.