The white construction company behind a project to build an office building in Louisville is paying for the building with a $30,000 federal grant that is helping it pay off debts.
The Louisville Metro Office Building Authority, the agency that owns and operates the building, received the federal grant for the construction project on Friday.
The authority had already secured $13,500 in loans for the project from the Federal Highway Administration and the Federal Trade Commission.
The project was funded through a $4 million federal grant from the National Capital Area Regional Development Authority.
Louisville Mayor Greg Fischer said the federal project, which will be built in the city’s historic center, will provide $15 million to support the city in the coming years.
“It will be a tremendous asset to the city,” Fischer said.
“I think that will really be a catalyst for growth.”
The project is a joint venture between American Builders Inc., which is a partner in the project, and a Louisville-based company called E-Structures, a subsidiary of U.S. Steel Corp.
The construction company is not named on the federal government’s project application, but it was awarded the $30 in federal funding through the National Investment and Development Corporation, a federal agency that provides loan guarantees for infrastructure projects.
E-Structure is a subsidiary and not affiliated with the company that designed and built the project.
It is not known what it paid to the government.
Federal officials said the loan is intended to help finance the project and provide a tax incentive for other projects in the area.
Louisiana is one of 16 states that are providing incentives to businesses to expand their operations in the capital.
The federal grant will help pay for a building in the historic center of Louisville, and the project has the backing of the Louisville-area Economic Development Corp. and the Kentucky Historical Commission.