SALYERSVILLE – After years of waiting and building infrastructure to the Magoffin County’s industrial park, located off the Mountain Parkway at the Gifford Road exit, Magoffin County Judge/Executive Matthew Wireman announced this week that a business has committed to relocating its headquarters to Salyersville, with a $1.4 million investment creating 25 full-time jobs.
Emerald Energy and Exploration Land Co., which provides Right of Way land acquisition and project management services, will be building a 10,000 square-foot facility on five acres on Gifford Road in Salyersville, which will house the company’s executive team, project supervisors, administrative staff, mapping personnel and field crews. Construction is set to begin in early 2024 and be completed by the start of 2025.
Magoffin County Fiscal Court purchased the property now known as the industrial park in June 2010, but Judge Wireman’s administration has been in talks with Emerald Energy since 2019 to facilitate the company’s relocation to Magoffin. In recent years the fiscal court has worked to extend infrastructure to the area, with water, sewer, power and internet lines running to the site.
The company’s announcement follows recent selection by Kentucky Energy and Environment Cabinet Secretary Rebecca Goodman for $1 million in funding to Magoffin County Fiscal Court through the Abandoned Mine Land Economic Revitalization (AMLER) program to construct a Build-Ready certified site at the Gifford Road Industrial Park. Last week, Gov. Beshear and U.S. Congressman Hal Rogers announced $24.4 million in funds for economic development projects in nine Eastern Kentucky counties.
“Emerald Energy is grateful to be in a position that we can provide opportunities to Eastern Kentuckians entering or returning to the workforce,” said Emerald Energy President Adam Bailey. “Emerald is dedicated to improving the infrastructure of the region by helping utilities provide safe and reliable services. We appreciate the incentives provided by the Commonwealth of Kentucky and Magoffin County and their elected officials for making this possible.”
Emerald’s announcement comes in response to the continued growth of its services to some of the nation’s largest and oldest public utilities, regional power cooperatives and public and private energy companies. Company leaders noted the Mountain Parkway Expansion as a deciding factor in the site selection process, as it opens Eastern Kentucky to new business development and growth opportunities.
With the move, Emerald will be relocating from its current location in Prestonsburg, where it has operated since 2010. Emerald’s services help clients in the energy industry deliver power to their destination and the company has experienced significant growth in the past five years. The company’s Eastern Kentucky operation is recognized by the U.S. Small Business Association as a Historically Underutilized Business Zone (HUBZone) and employs more than 30 people in Kentucky. Emerald also operates in Corbin and Louisville, in addition to locations in Indiana, Illinois, Michigan, Minnesota, Missouri, Ohio, Tennessee, Virginia and West Virginia.
Magoffin County Judge/Executive Matthew Wireman welcomed the first occupant of the Gifford Road Industrial Park.
“We are beyond excited that Emerald Energy has decided to be the first entity to make our Gifford Road Industrial Park home,” Judge Wireman said. “Their continued growth across the United States is sure to have a significant economic impact on our community as well as provide exposure to other potential businesses who are looking for an excellent location for their companies.”
Salyersville Mayor James “Pete” Shepherd said the project will be a great addition for the community.
“Having met with the leaders of Emerald Energy and Exploration Land Co. and researching their company, I feel very strongly that they would be a great asset to Magoffin County,” said Mayor Shepherd. “The City of Salyersville provides water and sewer to the industrial park and county leadership has always worked closely with us on the park. We look forward to working with all involved to make this happen.”
Jimmy Salyer, director of Magoffin County Economic Development, said he looks forward to a long-term partnership with the company.
“Emerald Energy and Exploration Land Co. will provide career opportunities for Magoffin County residents as we continue to seek avenues for growth,” Salyer said. “Built on integrity, professionalism and values, they will be an excellent partner as the first resident of the Gifford Road Industrial Park. We look forward to collaboration, teamwork and expansion as we move Magoffin County forward as a desirable location for business and industry.”
Emerald’s investment and planned job creation furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.
“The extension of the Mountain Parkway greatly improves access to Eastern Kentucky and positions new and existing businesses to invest, grow and create quality jobs for our residents in the region,” Gov. Andy Beshear said in the announcement. “This project will benefit Magoffin County and the surrounding area as Emerald Energy continues to grow in the commonwealth. It has been a mission of my administration to create great jobs in Eastern Kentucky, and this is another step toward achieving that goal.”
Congressman Hal Rogers noted that the relocation of Emerald Energy will blend well with other recent projects in the community.
“Magoffin County is attracting new opportunities to the region with the Gifford Road Industrial Park, and I am excited for the future of Emerald Energy. This project works in concert with the growth on ‘restaurant row’ and the expansion of the Mountain Parkway, opening this vital corridor for better opportunities in Eastern Kentucky,” said Congressman Hal Rogers, Dean of the U.S. House of Representatives. “Each year, I work to secure more funding for coal-producing states through the AMLER grant program that I created in 2016, and this is a great example of how grants can be used to revitalize communities that have been hit hard by the downturn of the coal industry.”
To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in September preliminarily approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. The performance-based agreement can provide up to $300,000 in tax incentives based on the company’s investment of $1.4 million and annual targets of:
1. Creation and maintenance of 25 Kentucky-resident, full-time jobs across 15 years; and
2. Paying an average hourly wage of $20 including benefits across those jobs.
Additionally, KEDFA approved the company for up to $15,000 in tax incentives through the Kentucky Enterprise Initiative Act (KEIA). KEIA allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and development and electronic processing.
By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.
In addition, Emerald can receive resources from Kentucky’s workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.
For more information on Emerald Energy, visit EmeraldEnergyCompany.com.
