KC Supervisors approve L'Oreal USA as first participant of incentive program
BAKERSFIELD, Calif. (KBAK/KBFX) — The Kern County Board of Supervisors approved a $2.3 million incentive package to bring L’Oreal USA Inc. to the Tejon Ranch Commerce Center.
The package is part of the Advance Kern economic incentive plan that offers companies a rebate of property, sales and use taxes when they create jobs that will pay sustainable wage.
L’Oreal is the first company to take advantage of the program.
"We are pleased and proud that the first participant in the county's Advance Kern program will be locating at the Tejon Ranch Commerce Center," said Gregory S. Bielli, president and chief executive officer of Tejon Ranch Co. "Kern County has a reputation for being a good place to locate a business, and that reputation is richly deserved."
The $2,325,000 incentive package is based on the creation of 155 new jobs, which will pay wages that will ensure employees won’t have to rely on public assistance.
In addition to those jobs, the anticipated ripple effect could produce as many as 45 jobs that provide supporting services, which could generate another $2.4 million in compensation and $8 million in sales annually to the local economy.
The proposed facility includes $9.8 million in capital investments at the Tejon Ranch Commerce Center and the anticipated property tax is $ $19,650 annually and $ $130,000 in sales tax annually.
