Fischer’s Former Company Given Hefty Tax Breaks

by admin on August 1, 2011

A company recently owned by Louisville Mayor Greg Fischer was recently awarded $1.2 million in state tax breaks which it can collect over the next decade if it meets wage and hiring requirements.

The Kentucky Economic Development Finance Authority gave the incentive package to the Dant Clayton Corporation last week on the condition it add 72 jobs paying an average hourly wage of $23. Fischer is the former President and CEO of the privately owned company, which manufactures bleachers and other outdoor sports seating.

According to the secretary of state’s website, Fischer is still an active officer with the company as of its February annual report. However, mayoral spokesman Chris Poynter says Fischer sold all of his stock to other investors two months ago and won’t benefit personally from the deal.

“The company came up for incentives after the mayor was no longer an owner. He was not involved in that process,” he says. “You’d have to maybe ask GLI or Dant Clayton about that.”

The spokespersons for Dant Clayton and GLI were unavailable for comment.

State records show Fischer received $500,000 for his shares of Dant Clayrton in May after it gobbled up another business in a merger agreement. But Fischer still owns half of a building located in west Louisville that is being leased by the company, Poynter said.

The tax incentives were awarded through a lobbying effort aided by Greater Louisville Inc., the city’s chamber of commerce. Asked if Fischer had any knowledge of or involvement in the incentive package since taking office before or after he sold his stock, Poynter only said the mayor recused himself from the process and that his chief of staff, Ellen Hessen, signed all the appropriate documents associated with the deal.

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