Economic Development, most commonly thought of as the creation of jobs, is the life blood for any state or local government. At the same time, corporations, looking to relocate or expand existing operations, aggressively seek incentives to help ease the financial burden of these initiatives. When the interests of a business can be successfully matched with those of state and/or local government, it is a “win-win” situation for all parties. A successful partnership between business and government often requires a steady and experienced hand of local counsel.
Stites & Harbison has been making these win-win situations happen in Kentucky and other locations in the Southeast for over 30 years. During the past three decades members of the Stites & Harbison Economic Development Team have been involved in over 1000 economic development transactions. Our experience with both sides of the negotiating table – state/local government and corporate - has proven beneficial in turning an opportunity into a ribbon-cutting.
Counsel to the Commonwealth
From the creation of the Kentucky Economic Development Partnership until our colleague, Steve Beshear, was elected Governor of the Commonwealth of Kentucky in 2007, we served as the Economic Development Cabinet’s principal outside counsel. In this capacity:
- We took a lead role with the cabinet in drafting the economic incentive legislation that is on the books today.
- We have negotiated and documented on the Commonwealth’s behalf the state incentive agreements with a majority of the companies that have located facilities in Kentucky and have taken advantage of these incentives over the last 30 years.
Counsel to Private Parties
During the past three decades, we have assisted a number of private clients as well, including the Akebono Brake Ltd. family of companies, YUM! Brands, Steel Technologies and many others to make their expansions into Kentucky a reality. We have assisted and served in a multitude of capacities for these companies and others that include:
- Site location, land acquisition and negotiation of purchase/lease options
- Assistance in negotiations in various infrastructure matters including utilities, sewer, roadway and rail
- Played various roles in development in different financing alternatives:
- acting as issuer’s, underwriter’s or bond counsel
- identifying appropriate Community Development Block Grant funds
- coordinating with local and regional development agencies and industrial parks
- Securing funds for employee training
- Identify, recruit and coordinate the efforts of other Kentucky professional members of the relocation team including:
- public relations firms
- financial consultants
- environmental engineers
- geotechnical consultants
- commercial real estate for temporary office space
Our team knows Kentucky. We know its economy, its topography and its leadership. We are ready to bring this knowledge to bear on your enterprise.