This information is gathered from a compilation of press releases from the Office of Governor Andy Beshear.
Economic development projects in seven counties across SKED’s 45-county service region have been approved for $5.8 million in state funding to develop $13.7 million in Kentucky Product Development Initiative (KPDI) projects in the coming years.
KPDI projects were approved in Adair, Johnson, Rowan, Russell, Whitley, Laurel counties and the EastPark Regional Business Park for funding to help improve economic growth in Eastern Kentucky. In addition, the Kentucky Economic Development Finance Authority (KEDFA) approved ten projects this year, six of which are located in Southeast Kentucky.
The KPDI program was established in 2022 and builds on the state’s growing effort to develop land and buildings in local communities to support new, well-paying jobs and economic growth across the Commonwealth.
“Site selection is crucial in setting up future economic success for Kentucky,” said Gov. Beshear. “The funding provided through the KPDI program gives communities around the state the opportunities and advantages they need to ensure they have quality sites and buildings to attract growing companies. I’m excited to announce this second wave of projects in the initial round of KPDI and can’t wait to see what quality companies build in these communities.”
The City of Corbin and the Southeast Kentucky Industrial Development Authority, in partnership with Bell, Knox and Whitley counties, received approval on a regional project to construct a 105,000-square-foot spec building on Lot No. 7 in the Southern Kentucky Business Park, which will be designated Spec Building No. 5. The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project and will see $3.78 million in building costs including $1.9 million in state support.
The Adair County Fiscal Court, the Columbia-Adair County Economic Development Authority and the City of Columbia have partnered and will build a 150,000-square-foot Build-Ready-certified pad that will further the potential for economic development. The $918,882 project was identified by an independent site selection consultant and was approved for nearly $460,000 in state support.
One East Kentucky has partnered with the Johnson County Fiscal Court to expand its existing Build-Ready-certified industrial park in Hager Hill. The $435,000 project was approved for $217,500 in state support.
The Rowan County Fiscal Court, in partnership with the Morehead-Rowan County Economic Development Council, will purchase 238 acres located on Rodney Hitch Boulevard in Morehead for future industrial use. KEDFA approved the $2.3 million acquisition for nearly $600,000 in state support through the KPDI program.
The Russell County Industrial Development Authority and the Russell County Fiscal Court have partnered to extend a road through the Lake Cumberland Regional Industrial Park. The over $970,000 project was approved for nearly $440,000 in state funds to help support the development.
“KAED is excited to see the statewide participation in KPDI and the success that is already occurring across the Commonwealth,” said Haley McCoy, president and CEO of the Kentucky Association for Economic Development. “This program has truly elevated Kentucky’s economic development assets, and we are grateful to the many Kentucky utility partners who have joined KAED in covering the cost of independent, third-party consultants at Site Selection Group who evaluate the projects: Atmos Energy, Big Rivers Electric, Duke Energy, LG&E and KU, Kentucky Power, TVA, Touchstone Energy Cooperatives/EKPC and Louisville Water.”
Last month, Gov. Beshear announced the first approvals in the initial round of KPDI, rolling out over $2.7 million in state funding for site and building development projects in Laurel and Madison counties, as well as a regional project between Greenup, Boyd, Carter, Elliott and Lawrence counties.
The Northeast Kentucky Regional Industrial Authority Inc. and Greenup County Fiscal Court submitted a regional project in partnership with Boyd, Carter, Elliott and Lawrence counties for the site acquisition of over 240 acres in the EastPark Industrial Park. An independent site selection consultant identified the project as having the potential for future investment/location of an economic development project and will see $1.5 million in land acquisition, including $750,000 in state support. In addition, in 2022, the Beshear administration and Commonwealth Seed Capital worked with leaders from Unity Aluminum to recoup a $15 million investment made by the prior administration in an aluminum mill that never materialized at the site.
The Laurel County Fiscal Court, in partnership with the London-Laurel County Economic Development Authority (LLCEDA), will build a 105,000-square-foot spec building to attract new business to the London community. KEDFA approved the $3.8 million project for just over $1.5 million in state funds through the KPDI program.
Gov. Beshear previously announced 54 site and building development projects are requesting nearly $34 million in state funds during the first round of KPDI. The Kentucky Cabinet for Economic Development continues to review each project for a recommendation of approval by KEDFA in the coming months.
SKED Executive Director Brett Traver says his organization stands ready to help other communities across its 45-county service territory to apply for KDPI funding.
“Any communities leaders who are interested in applying to be considered for a KPDI project and need assistance with the application process can contact me at email@example.com or 606-677-6102,” Traver said. “We will walk them through the application steps and guide them to approval.”
KPDI was established last year after the General Assembly approved $100 million in funding for KPDI during its regular 2022 session. Applications are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. These projects will increase economic development opportunities and job creation for Kentucky residents. KPDI furthers the efforts of the pilot PDI program, which was established in 2019 and provided nearly $7 million in state funding for 20 site and building development projects statewide.
For more information on KPDI, visit https://ced.ky.gov/kpdi.
To learn how SKED helps small business owners do business better, see www.skedcorp.com
or call (606) 677-6100.