Murray City Council Agrees to IRBs for KenLake Foods Expansion
A food processing facility in Murray associated with a national supermarket chain is expanding in Murray and city officials have agreed to help.
KenLake Foods is a Kroger-affiliated plant that specializes in nuts, cereals and other goods. The company is starting a natural foods line and is installing $9 million in equipment and $3-4 million in building improvements.
The city council recently agreed to a resolution to issue industrial building revenue bonds to KenLake at a future date. IRBs are tax-exempt loans that can finance business projects generally intended to enhance a local economy.
The resolution says the cost does not come from city funds, but rather the company makes payments under a lease agreement.
KenLake needs endorsement from local taxing districts before the bonds can be issued.
The project would create 5 or 6 new jobs. KenLake currently has around 344 employees.