(LBF) -- Bus and motor coach manufacturer New Flyer of America Inc., part of New Flyer Industries Inc., is considering opening a manufacturing facility in Bullitt County.

The project would be a $40 million investment by the company that would create 550 jobs, according to a filing with the Kentucky Economic Development Finance Authority.

During a special meeting today, the KEDFA board granted preliminary approval for $8.5 million in state tax incentives.

The jobs are expected to pay an average wage of $23 per hour, including benefits. Because of those job and investment targets KEDFA approved $8.5 million in tax incentives on Thursday morning.

For more details on this report from Louisville Business First click here.