Latest / Kentucky Business News / 8.14.25

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8.14.25 · Kentucky Business News

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Speaker 1: Hello. Today, I'll be reading from business sources in Lexington
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and Louisville, including The Lane Report and others from around
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the Commonwealth. A reader today is Julia Shane. As a reminder,
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RADIOI is a reading service intended for people who are
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blind or who have other disabilities that make it difficult
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to read printed material. Our first article comes from the
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August twelfth to twenty twenty five edition of The Lane
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Report and is titled Kentucky Attorney General calls for immediate
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ban of Designer x anax linked to forty seven overdoses
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in the state. Kentucky Attorney General Russell Coleman is urging
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health officials to take emergency action to ban romalism, an
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unregulated synthetic drug linked to forty seven deaths in Kentucky. Ramasylum,
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also known as designer x anax, is being passed off
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as prescription pills, including benzodiopanes, which are commonly used to
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treat anxiety, insomnia, and see us. It is being sold
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illicitly on the streets and online. It is both highly
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potent and unpredictable, especially when combined with opioids or other
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central nervous system depressants. Coleman said in a letter to
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Health Secretary Steve Stack, Unlike regulated medications, illicitly manufactured bromlasam
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lacks the quality controls, making it particularly lethal for unsuspecting users.
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The letter, dated August fifth, urged the Cabinet for Health
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and Family Services to use its authority to immediately schedule
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the drug, which would then empower law enforcement to be
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able to crack down on it in Kentucky. By using
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your authority to schedule the drug through emergency action, we
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can immediately empower law enforcement to crack down on the
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traffickers and distributors of this deadly drug. Your action could
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have an immediate and life saving impact on Kentuckians across
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our commonwealth. According to news release, the Northern Kentucky Drug
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Strike Force, along with the US Postal Inspection Service, has
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confiscated a package with nine hundred and fifty eight pills
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that were later confirmed to be the drug, an unscheduled
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drug which creates significant challenges for law enforcement and public
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health officials trying to respond to this submerging crisis. In Kentucky.
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The Office of Drug Control Policy reported forty seven overdose
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deaths in twenty twenty four. Involving bramalism. We live at
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a time when as little as one pill can and
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is killing our children, Coleman said in the release. As
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parents and public officials, we must do all we can
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to stop illicit drugs and counterfeit pills. The threat is clear,
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and all of us must work together to keep these
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drugs off the streets to save kentuckians lives. In addition
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to seeking this emergency action from the Cabinet, the Attorney
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General is working to get the drug scheduled at the
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federal level. It is already scheduled in Nevada, New Mexico,
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North Dakota, Virginia, and West Virginia. Our next article from
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the Lane Report is titled UK JMI Sports Inc. Historic
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multimedia rights deal. Deal ranks among the largest in college sports,
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advancing UK athletics competitive and financial future. The University of
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Kentucky and JMI Sports, a leading multimedia rights and venue
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development company, today announced a historic multimedia rights agreement valued
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at more than four hundred sixty five million dollars. The agreement,
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which extends the existing contract between UK and JMI Sports
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through twenty forty, would rank among the largest deals in
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college Athletics. The expanded partnership was announced Tuesday morning during
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the inaugural meeting of the Champion's Blue Board of Governors,
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established an April. Champions Blue is a nonprofit LLC that
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serves as the holding company for UK Athletics, designed to
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create greater operational flexibility and unlock new revenue generation opportunities.
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The Champion's Blue Board of Governors endorsed the agreement extension
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at the meeting. We have entered a new, rapidly changing
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but exciting era in college athletics, said UK President Eli Cappaluto,
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who serves as chair of the Champion's Blue Board of Governors.
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This amendment to our multimedia rights deal, forged with a
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trusted partner in JMI Sports, underscores the idea that we
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will be strategically aggressive and smartly innovative as we seek
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a financial trajectory that ensures we remain one of the
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top athletic programs in the country, a program that is
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also central to how our university advances the state. Key
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provisions introduced under expanded partn building on more than a
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decade of successful collaboration between UK and JMI Sports, the
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agreement reflects a shared commitment to innovation, adaptability, and long
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term growth. In addition to multimedia rights, JMI Sports will
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now provide strategic support across name, image and likeness in
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IL operations and advise UK on facility development opportunities and
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fan engagement experiences designed to drive revenue and help UK
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remain competitive in the evolving college athletics landscape. The mission
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and values remain the same, to put championship rings on
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fingers and diplomas and hands in ways that create generational
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opportunities for student athletes at the University of Kentucky, said
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Mitch Barnhardt, UK's Director of Athletics, who also serves on
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the Champion's Blue Board. How we forge that path and
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ensure that mission which change in this new landscape. This
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agreement is about creating the revenue opportunities for our programs
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and our student athletes that will help ensure our continued success.
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Key terms of the multimedia rights agreement include an extension
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of the current multimedia rights agreement between UK and JMI
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Sports from twenty thirty four to twenty forty, with a
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conservative estimated value exceeding four hundred sixty five million dollars,
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making it one of the largest deals in all of
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intercollegiate athletics by financial value. A new revenue sharing model
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that provides greater flexibility for Champions Blue, allocating eighty percent
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of net revenue from all inventory and advertising opportunities to
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UK and Champions Blue over the next fifteen years. An
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innovative model in partnership with JMI Sports that introduces new
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services and incentivizes revenue growth across existing multimedia rights athletic facilities, investments,
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expansions of JMI sports managed nil opportunities, and the development
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of new sponsorship categories. New multimedia rights opportunities for the
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twenty twenty five twenty twenty six season include field level
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and in zone video signage at Kroger Field, as well
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as signage behind home plate and throughout Kentucky Proud Park.
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JMI Sports is also actively pursuing additional facility naming rights
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across athletic venues. Since twenty fourteen, when the University of
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Kentucky became our first multimedia rights property, the Wildcats have
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been a foundational partner of JMI Sports. This is not
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only because of the scale of the partnership and the
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depth of the relationship, but also due to the collaboration,
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trust and the extraordinary results we have built together over
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the past decade, said Eric Judson, co founder and CEO
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of JMI Sports. This expanded agreement reflects everything we have
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learned throughout our partnership and how we are evolving to
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meet the demands of a rapidly changing college sports landscape.
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Being a great partner today requires more than delivering on revenue.
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It requires deeper expertise, aligned interests, and strategic forward thinking
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support that enables UK to navigate this new era with confidence.
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That is the foundation of the new model we have
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built together at Kentucky. An update on strategic enhancements to
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athletics facilities. In April of twenty twenty five, the UK
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Board of Trustees approved the establishment of a new model
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and governance structure the Board of Governors of Champions Blue
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LLC to help insure the future health and financial trajectory
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of athletics at the University of Kentucky. Blue is a
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subsidiary of Beyond Blue Corporation, a holding company that supports
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university activities in all aspects of its mission, including health care, insurance,
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and shared services. As an affiliated corporation, Beyond Blue allows
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the university to abide by all public entity rules and
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laws for the UK Board of Trustees to approve strategies,
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budgets and investments while creating a level of policy separation
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and operational distinctiveness to focus on one core business. In June,
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the UK Board of Trustees approved up to one hundred
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ten million dollars in investments in UK athletics facilities over
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the next few years through an internal loan that will
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be repaid with interest. Champions Blue Board members also heard
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updates on those investments during Tuesday's meeting. The initial investments
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include nearly thirty million dollars for maintenance at kroger Field
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Stadium and a renovation of corner suites and elevators, and
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eight million dollars for initial design of a west end zone,
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club space and Wi Fi improvements at kroger Field, five
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million dollars to improve the soccer and softball facilities. UK
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Softball will host the SEC tournament in twenty twenty six.
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A Request for Information RFI to develop an entertainment district
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on the UK campus, which could include concepts such as restaurants,
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hotels and other entertainment options. The next article from the
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LANE Report is titled Kentucky's July General Fund tax receipts
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one point one three billion dollars, down twelve point seven
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percent from unusually high twenty twenty four level. Kentucky's General
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Fund receipts for July, the first month of fiscal year
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twenty twenty six, totaled one thousand, one one hundred and
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thirty one point one million dollars, which is twelve point
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seven percent or one hundred sixty five point one million
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dollars less than July twenty twenty four receipts. State Budget
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Director John Hicks announced today that major business taxes saw
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a significant decline from an unusually high amount last July.
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Individual income and sales tax receipts increased for the month.
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State Budget Director John Hicks stated Kentucky's biggest general fund
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revenue sources are the sales tax and individual income tax,
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which collectively accounted for seventy percent of the total last year.
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Both taxes grew in July, which is an indicator that
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the Kentucky economy is performing well. Total general fund receipts
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declined due to a large swing in corporate income tax
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estimated payments. A very small number of corporations made an
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unusually large estimated payment last fiscal year in July, October,
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and January, with the largest coming in July. No such
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activity was recorded this July, resulting in the major business
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taxes decline from two hundred sixty seven point seven million
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dollars last July to a more normal July level fifty
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two point two million dollars this year. Among the major accounts,
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individual income tax receipts rose fourteen per cent, as the
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three largest components of the tax, withholding, estimated payments, and
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net returns all brought in more revenue than last year,
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withholding grew seven point seven per cent, a strong indication
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of total wage growth. In Kentucky, sales tax revenues grew
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two point five per cent, with receipts of five hundred
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thirty one point eight million dollars. The level of collections
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is the second largest monthly total outside of winter holiday collections,
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which are due in January. The highest non holiday sales
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tax total was April twenty twenty five. Major business tax
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receipts fell by two hundred fifteen point five million dollars
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as corporation income tax receipts decreased sharply. The limited liability
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into dey tax ll et contribution to the major business
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taxes has grown significantly in the last few months. Cigarette
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tax collections fell eight point three percent for the month
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to nineteen point nine million dollars. Property tax receipts fell
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fifteen point two percent, due primarily to timing issues with
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the omitted and delinquent collections and distributions. July property tax
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receipts average only around two percent of the full yearly amount.
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Coal's severance tax revenues fell one point five percent to
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five point nine million dollars. Lottery revenues increased three point
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nine percent to twenty six point five million dollars. Income
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on investments recorded receipts of twenty five point one million dollars.
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July last year was the highest month of interest or
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investments ever recorded at thirty seven point six million dollars,
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so a decline was expected. Road Fund revenues for July
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totaled one hundred seventy one point four million dollars, a
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four point seven percent increase compared to last July. The
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official Road Fund revenue estimate for fiscal year twenty six
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calls for revenue to increase one point four percent compared
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to fiscal year twenty five's actual receipts. Among the major
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road fund categories, motor fuels tax receipts fell six point
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one percent, Motor vehicle usage tax rows eleven point one
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percent to seventy point seven million dollars, setting an all
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time monthly high. License and privileged taxes increased thirty four
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point one percent to twenty five point three million dollars.
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Our next article comes from the August twelfth, twenty twenty
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five edition of Business Lexington and is titled Stage Set
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for Gatton Park Grand Opening, written by Matt Wickstrom. In
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Joni Mitchell's Big Yellow Taxi, she sings the paved paradise
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and put up a parking lot. Now, thanks to years
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of planning and fundraising, Lexington is reversing that trend by
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transforming a former parking lot into a community green space.
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On August twenty third, city officials and community members will
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officially open the park, featuring family friendly activities, a Kentucky
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artist showcase and pop up dance performances. The christening of
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Common Spirit Health Stage, a forty five hundred seed amphitheater
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will include opening day performances by T D, Young Jos
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and The Sweet Compression, Vinyl Ritchie, Debraun Thomas, Divine, Kama
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and Mama, said string Band Brian Sipe, general manager for
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Oakview Group OVG, which also manages shows locally at Rupparina
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in the Lexington Opera House, has also booked several national headliners,
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including The Beach Boys for September seventeenth and Kansas Jefferson,
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Starship and Molly Hatchett for October ninth, with more to
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be announced. Our market has been missing a space like this,
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Sype set of Gatton Park's entertainment capabilities. I know Darren
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Turner is opening a venue that's going to fit around
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two thousand people at the Commons, but other than that,
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I think will be the next step up. We're not
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taking pieces of the pie, We're growing it, Sype said.
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OBG plans to host roughly twenty national acts annually on
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Gatton Park Stage, with shows being scheduled between mid April
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and mid October. Local programming will include live music, non
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profit collaborations, group yoga, running clubs, and educational activities along
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Town Branch Creek, which runs through the ten acre park.
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This year, we want to give a little flavor to
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the types of programming people will see once we have
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a full season to work with in twenty twenty six,
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said Allison Langford, executive director for the Gatton Park on
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the Town Branch Fund. We're trying to create a space
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for opportunity because that's what Lexantonians want. They're excited about
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these national shows Brian and obg will be producing, and
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they also want spaces for local nonprofits and creatives to
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be able to shine. We've restored the stream bed by
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taking out all of the invasive species and replacing them
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with appropriate flora and really trying to bring the habitat
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back to what it once was, Langfort said. A large
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boulder dating to seventeen ninety and used to help mitigate
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stormwater runoff, was also found during renovations and is on display.
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Four art installations have also been installed, including an arched
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metal entry dubbed Pedal Drop Flutter by sculptor Blessing Hancock
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Studio kca's First Impressions, a massive sculpture comprised of one
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hundred seventeen interlocking pre cast concrete panels, Watermark by Amanda Matthews,
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which recognizes the park's donors, and a mural across a
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repurposed RJ. Corman boxcar that will house the park's food
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vending operations. A fifth piece of public artwork is slated
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to be added in twenty twenty six. Langfort's of the
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park has also partnered with national event catering and concessions
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company DLS to facility on site food and beverage sales.
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They're known for bringing in local providers and food trucks
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to assist in operations. She said it's been a lot
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of moving pieces and a long time coming for the
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once beleaguered and delayed project that initially stemmed from a
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master plan for downtown created in two thousand and nine.
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Although it was never formally adopted by the Lexington Fayett
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Urban County government, the city did launch a design competition
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for the area in twenty thirteen that included trail connectivity
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and public space improvement as its pillars, two things that
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are also rooted in the park's infrastructure. After federal funding
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proved elusive, the Bluegrass Community Foundation launched the Town Branch
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Fund in twenty eighteen, bringing together local civic leaders and
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philanthropists to pursue public private financing. Since then, the fund
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has raised over fifty five million dollars tally. Ninety eight
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percent of that total came from private sources, major gifts
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from companies like All Tech, events such as Picnic with
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the Pops, and philanthropists including Bill Gatten, whose fourteen point
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five million dollar donation in May of twenty twenty four
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secured the park's name. The remaining two percent primarily came
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from a one million dollar grant awarded by the U.
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S Department of Agricultures Forest Service in September of twenty
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twenty three. The Forest Service gave us a couple of
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grants to improve the stormwater infrastructure around the park, since
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almost all of the downtown core's stormwater runs through Town
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Branch Creek and the park, Langford said, But by and
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large it's been private philanthropy that has pushed the park forward,
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with the Town Branch Trail fully opened since twenty twenty two.
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Lankford called Gatton Park's debut the missing link that finally
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connects downtown Lexising to the Distillery district. It's incredible that
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philantrophic dollars are bringing this to Lexington. Is truly built
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by the people for the people, Langford said, central parks
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and the core of downtown have a special place in society.
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If we've learned anything in the year since COVID, it's
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that places like this are loved and critical to our communities.
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The next article comes from the August twelfth, twenty twenty
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five edition of Here Lexington and is titled Ford invest
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two billion dollars to modernize Louisville assembly plant. Ford Motor
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Company has announced a major investment of nearly two billion
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dollars to modernize its Louisville assembly plant, intended for the
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production of electric vehicles evs. This initiative will not only
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focus on the creation of a new mid size electric
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pickup truck, but also marks a significant step forward in
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the manufacturing practices by incorporating advanced technology. The project is
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expected to secure approximately twenty two hundred jobs, despite an
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anticipated reduction of around six hundred positions due to the
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adoption of new production techniques. However, no layoffs are projected,
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as union representatives have indicated plans to transition affected workers
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to other roles. The upgrades are scheduled for completion by
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mid twenty twenty seven. Kentucky's Governor Andy Basheer emphasized the
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breakthrough nature of this investment, as it stands to become
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the third largest economic development project in the state's history.
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Ford's endeavour aims to establish Kentucky as a hub for
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EV innovation, boosting job creation and enhancing the local economy.
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Key features of the investment. Ford's plans for the Louisville
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plant include the introduction of robust manufacturing techniques featuring robotic
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technology and a complex new assembly design known as the
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Assembly Tree. This initiative aims to produce the new electric
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truck more efficiently, claiming a production speed that is forty
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percent faster compared to conventional manufacturing lines. Additionally, parts complexity
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is expected to diminish by twenty percent. Ford's new electric
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pickup truck is set to have a price tag of
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around thirty thousand dollars, positioning it as an affordable option
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in the EV market. Notably, the truck will be powered
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by lithium iron phosphate LFP batteries, which will be assembled
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domestically to less independence on imports, particularly from China, broader
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employment impact. Alongside this investment in Louisville, Ford has previously
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announced three billion dollar investments in a battery park facility
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in Michigan to create or secure nearly four thousand additional jobs. Currently,
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the Louisville assembly plant employees about thirty three hundred workers
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and is involved in the production of the Ford Escape
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and Lincoln Cosayer models. Fords CEO Jim Farley indicated that
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this modernization effort is vital for the company's competitiveness in
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the global ev marketplace, particularly in light of fierce competition
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from international manufacturers. The goal is to ensure this investment
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becomes profitable within a year following the truck's launch context
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and development timeline. This investment comes as part of Ford's
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broader strategy to transition the electric vehicle production, a shift
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that has been evolving over the past three years. The
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targeted upgrades at the Louisville plant exemplify a revolutionary step
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towards modern automotive manufacturing, reflecting the industry's increasing focus on
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sustainable practices and advanced technologies. Overall, this significant investment by
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Ford demonstrates a strong commitment to electrification and job creation
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in Kentucky, supporting the local economy while positioning forward for
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future challenges in the automotive sector. The next article comes
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from the August twelfth, twenty twenty five edition of Louisville
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Business First and is titled Area construction firms merge, written
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by Joel Stennett. Two large regional general contractors are joining forces.
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Louisville based Summit Construction is merging with Floyd Knobs Indiana
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based AML Construction, according to a news release. A spokesperson
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for the firms declined to disclose who was the buyer
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and who was the seller in the deal. Although AML
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Construction is significantly larger than Summit Construction. In a statement,
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AML Construction CEO Bob Libbs said AML has brought Summit
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Construction into the AML family. The spokesperson also declined to
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disclose the purchase price. Founded in nineteen sixty five, AML
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Construction has grown from a residential concrete contractor to full
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service construction firm employing seventy people. AML Construction is the
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eleventh largest general contractor in the Louisville area, according to
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Louisville Business First Research, with ninety two point five million
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dollars of revenue in twenty twenty four. It is also
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one of the area's fastest growing companies, increasing its revenue
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by seventy five point three one percent from twenty twenty
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one to twenty twenty three. Some of AML Construction's projects
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include CPI Aircraft Interiors fifty thousand square foot manufacturing facility,
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and Jacobi Sales and Services New Louisville facility at nine
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two zero five Old Bardstown Road, according to its website.
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The deal will allow AML Construction and Summit Construction to
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expand into markets outside of Louisville and southern Indiana, according
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to the release, while growing its client list and playing
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off of each other's expertise, the firm's day to day
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operations will remain unchanged in the short term. According to
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the release, it is not clear if both firms will
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keep their names, if both offices will remain open, or
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who will ultimately be in charge of the companies. AML
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Construction is led by Libs, its owner and CEO, while
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Summit Construction is led by President Jeff Robinson. This isn't
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just a handshake, it's a full force merger, Live said
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in the release. Sum it shares our values, our work ethic,
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and our drive to serve clients with integrity. Together, we're
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doubling down on what we do best, delivering quality projects,
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building lasting relationships, and creating opportunities for our team members.
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This concludes the reading of the most recent business news
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in Lexington, Louisville, and around the state. Your reader today
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has been Julia Shane. If you have any questions or
28:10
comments about this program, please give our Lexington Studios a
28:14
call at eight five nine four two two six three
28:18
nine zero. Thanks for listening, and now please stay tuned
28:21
for readings from the Kentucky series here on Radio I