Kentucky's sites and building portfolio is getting a financial shot in the arm. Twelve projects in 12 counties were approved for $13.5 million in state funding. These investments are expected to improve Kentucky’s available sites and position communities for future investment and job creation.
The Kentucky Product Development Initiative, or KPDI, provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across the commonwealth.
This month’s approvals include projects that will receive funding through the KPDI Program of 2024, as well as projects that will benefit from recaptured funds tied to the KPDI Program of 2022.
During his Team Kentucky update, Governor Beshear said this is an important step in building Kentucky's economy.
“The investments we make in our speed to market initiatives help make us that leader in economic growth and job creation. I want to congratulate these communities for receiving this approval today and I look forward to seeing the companies that are going to locate on these sites.”
Beshear named the counties receiving funds.
“The counties receiving these dollars to improve their sites are Adair, Bourbon, Clay, Clinton, Gallatin, Hopkins, Laurel, Madison, Monroe, Montgomery, Nicholas, and Woodford.”
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI.
The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development.
Approved projects include:
The Gallatin County Fiscal Court is seeking to conduct environmental evaluations, archaeological studies, geotechnical analysis, surveying and related due diligence required to advance the airport property to a higher level or development readiness. The nearly $100,000 project was approved for $85,000 in state funding.
The Gallatin County Fiscal Court is also seeking to direct engineering design, permitting and construction of the water, wastewater and natural gas extensions necessary to support aviation-related, industrial and commercial development of the airport property. The nearly $1.5 million project was approved for over $1.3 million in state funding.
The Madisonville-Hopkins Economic Development Corporation is seeking additional funding to advance the county’s largest shovel-ready site to full Build-Ready status. The $1.5 million project was approved for over $1.3 million in state support.
The Clay County Fiscal Court on behalf of the Elk Hill Regional Industrial Authority is developing road and sewer infrastructure on over 100 acres at the Elk Hill Regional Industrial Park. The project was approved for over $1.3 million in state support.
The Bourbon County-Nicholas County Joint Economic Development Authority is seeking site improvements to the recently established Bourbon County-Nicholas County Regional Industrial Park. The project was approved for $3.3 million in state funding.
The London-Laurel County Economic Development Authority is requesting funds to continue development at the McDaniel Industrial Park, adding a 70,000-square-foot expandable speculative building. The $3.5 million project was approved for $2 million in state funding.
The Monroe County Industrial Development Authority is seeking to transition recently purchased property that has long been used for agriculture use to industrial readiness in order to attract future private-sector investment. The project was approved for $150,000 in state funding.
Clinton County Industrial Development Authority’s due diligence funds will be used to conduct an environmental site assessment and geotechnical study of land being considered for purchase. The study was approved for $14,750 in state support.
The Richmond Industrial Development Corp. is requesting assistance in providing an entryway to the property from Duncannon Lane that is sufficient for truck traffic. The project was approved for $249,019 in state support.
The Adair County Fiscal Court on behalf of the Columbia-Adair County Economic Development Authority is seeking to construct a 40,000-square-foot speculative building within its Green River Commerce Park. The nearly $2 million project was approved for just under $1 million in state funding.
The Montgomery County Fiscal Court on behalf of the Mt. Sterling-Montgomery County Industrial Authority is constructing roads for the Walters Industrial Park. The project was approved for $600,000 in state support.
The city of Versailles, in partnership with the Woodford County Fiscal Court on behalf of the Woodford County Economic Development Authority, is seeking funding for the acquisition of property that includes a 17-acre industrial site, a 140,000-square-foot industrial building and a 4,100-square-foot metal building. The $8.5 million project was approved for $2 million in state funding.
