Commonwealth of Kentucky
Cabinet for Economic Development

ERNIE FLETCHER PRESENTS $1.5 MILLION CHECK TO WARREN COUNTY ON BEHALF OF BOWLING GREEN METALFORMING, LLC

Frankfort, Ky. -- Governor Ernie Fletcher and the Cabinet for Economic Development presented today the proceeds from a $1.5 million Economic Development Bond Grant to the Warren County Fiscal Court on behalf of Bowling Green Metalforming, LLC, a wholly owned subsidiary of Magna International, Inc.

"I'm excited to present this Economic Development Grant to assist Magna International in purchasing equipment for Bowling Green Metalforming's new facility," stated Governor Fletcher. "Their investment in the commonwealth represents superb opportunities for the Bowling Green community and for all of Kentucky and I commend Judge Buchanon and the Warren County Fiscal Court for their outstanding work in bringing new jobs to Kentucky."

Governor Fletcher presented the check to Warren County Judge/Executive Mike Buchanon accompanied by Keith O'Neil and John Phillips for Bowling Green Metalforming, LLC.

Magna, an internationally known automotive supplier, announced its intent in December 2003 to construct a 900,000 square foot manufacturing and assembly facility on approximately 132 acres within the Kentucky TriModal Transpark located in Warren County. An expansion of the project was announced in January 2004 representing a combined investment of more than $212 million and creating 1,100 new jobs for Kentuckians.

Economic Development Bond grants are made through local government entities to companies that are locating or expanding their manufacturing or distribution operations in Kentucky. Companies receiving EDB grants must make a commitment to create and/or retain a certain number of new and existing jobs and may also require a company to pay certain wages to its employees and maintain a certain level of payroll. Additionally, companies may also be required to make a certain level of capital investment in the project.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2004 totaled nearly $2.3 billion with the creation of just over 16,600 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.