We now have names for the members of the Kentucky Economic Development Finance Authority. I have to say that I got a remarkably prompt reply from the state.
Listed below is a listing of the Kentucky Economic Development Finance Authority Board of Directors. This is the only information we have available
Jean R. Hale, Chairman
Secretary Jonathan Miller
Michael T. Vogt, Assistant Secretary Treasurer
Richard J. Grana, Assistant Secretary Treasurer
Aubrey Hayden, Vice Chairman
Bruce W. Brooks, Secretary Treasurer
Here is a little more information:
One position is currently vacant and Jonathan Miller is a non-voting member of the board.
Jean R. Hale exemplifies the opportunities that are available to employees who start with a small company and grow with the company. Ms. Hale began her banking career with Community Trust when it was known as Pikeville National Bank and Trust Company and had assets of approximately $17 million and has participated in the growth of the Company to $3 billion in assets. During her 39 years with the company, she has held numerous positions in Consumer Lending, Compliance, Commercial Lending, President and CEO of the bank subsidiary, Community Trust Bank, and was named to her current position as President and CEO of Community Trust Bancorp, Inc. in 1999 and Chairman of the Board of both the Corporation and its bank subsidiary in 2005.
Michael T. Vogt is vice president of human resources and general affairs at Mazak Corporation, the North American arm of one of the world’s leading machine tool companies, Yamazaki Mazak Corporation, based in Japan.
Michael has more than 30 years’ experience as a human resource professional, and has been a regional leader in the industry. He is a member and past president of the Northern Kentucky Human Resources Association, and a member of the Society for Human Resources Management. He also has been a member of the Northern Kentucky Chamber of Commerce board of directors and executive committee.
Michael gives back to NKU and the community – serving on advisory board of the Haile/U.S. Bank College of Business Advisory Board. He also serves on the board of the Kentucky Economic Development Finance Authority (KEDFA), the Panorama Senior Citizens Living Community board of directors, and is a past member of the United Way of Kentucky board of directors.
Richard J. Grana, I believe, is a member of the Kentucky Republican party executive committee.
The other two seem to have a lower internet profile, but I will keep looking.
Why are these people so important?
A handful of relatively anonymous individuals make the final decision on giving away millions of dollars of your tax dollars. This is part of the problem of why Kentucky has a chronic budget problem. Here is an example of how it works:
Here is a press release from Governor Steve Beshear:
“Gov. Steve Beshear today joined community leaders and executives of North American Stainless (NAS) to announce the company’s plans to invest $10 million for increased peeled bar production plus $20 million for additional equipment upgrades in its Ghent facility. The expansion, which is the company’s ninth since it began operations in Kentucky in 1990, will also add 10 new jobs at the plant…..
North American Stainless is a subsidiary of Acerinox, S.A., headquartered in Madrid, Spain, and is the largest Spanish investment in the United States. To date, the company has invested more than $2 billion in its Carroll County facility.
“NAS and its employees have a long history of taking an active role in working to make Carroll County a better place,” said Fourth District Congressman Geoff Davis. “This new investment not only creates jobs, it demonstrates the company’s continued dedication to our community.””
The thing this press release doesn’t tell you is that this Spanish company, that can afford to invest $2 billion dollars in Kentucky, since 2003 has got a $12,800,000.00 “incentive” to be in Kentucky.
This may sound like a good deal, but if they can afford to invest $2 billion, why do we need to give them almost $13 million? That really doesn’t seem like enough to be a deal breaker; it’s something like .65 percent of the investment.
Thirteen million in Kentucky’s budget would certainly make a dent in things like dealing with the Medicaid shortfall.
This is not the only “incentive” passed out by this board and certainly not the biggest.
Bottom line here is I’m not an international finance wizard, but the common sense numbers don’t seem to add up. It sure looks like we are giving money away to people that don’t really need it, when there more pressing needs in this state
And who is Rafael Naranjo Olmedo? He is the Spanish millionaire chairman of the board of ACERINOX.
