Two companies received preliminary approval Thursday for incentives for multi-million-dollar expansions that could add up to 500 jobs.

Bowling Green Metalforming – A Magna Company in the Kentucky Transpark at 111 Cosma Drive – received preliminary approval from the Kentucky Economic Development Finance Authority for up to $10 million in tax incentives for an expansion that could cost up to $261.24 million, according to KEDFA documents. The expansion could add up to 388 jobs as of the activation date and add a total of 450 jobs over 10 years.

The average hourly wage, including employee benefits, would be $26.

Bowling Green Metalforming manufactures truck frame assemblies, engine cradles, suspension links and body structural stampings and assemblies. The company is considering expansion to support new business from an original equipment manufacturer, according to the KEDFA report.

A special conditions of the preliminary approval is the company must maintain a base employment equal to the number of full-time Kentucky resident employees as of the date of preliminary approval. Bowling Green Metalforming reported 806 full-time Kentucky resident employees as of the application date.

A breakdown of the $261.24 million expansion includes $51.24 million for rent, $24.5 million in building/improvements and $185.5 million for equipment.

While it has not been announced when the project will come to fruition, the Bowling Green Area Chamber of Commerce will be announcing the expansion of an existing company next week.

Bluegrass Supply Chain Services, corporately located at 1136 South Park Drive, also received preliminary approval from the KEDFA of up to $1.25 million in tax incentives for a $5,185,600 expansion. The expansion could create up to 55 jobs over 10 years.

The average hourly wage, including employee benefits, would be $21.

Bluegrass Supply Chain Services’ expansion could cost $5,115,600 in rent, $20,000 in building/improvements and $50,000 in other start-up costs.

Bluegrass Supply Chain Services is a third-party logistics provider of value-added supply chain solutions for automotive and food customers. The proposed project includes the consolidation of three locations into one centralized corporate office and warehouse, according to the report.

The KEDFA included special conditions for Bluegrass Supply Chain Services as well. The eligible rent costs will be allocated to only allow rent associated with the additional square footage as part of the project.

Like Bowling Green Metalforming, Bluegrass Supply Chain Services must maintain a base employment equal to the number of full-time Kentucky resident employees as of the date of preliminary approval. The company reported 24 full-time Kentucky resident employees as of the application date, according to the report.

The project will include multiple locations within Warren County. Only investment costs incurred at 350 Scotty’s Way will be considered toward calculating eligible costs. Employees and their respective wages at the locations included in the project definition will be eligible for compliance.

— Follow business reporter Monica Spees on Twitter at twitter.com/BGDNbusiness or visit bgdailynews.com.