KY: Over $5.7 Million in State Funding Awarded To Support Site and Building Development in 5 Counties

Kentucky Gov. Andy Beshear announced more than $5.7 million in state funding to support site and building development across five counties. The latest round of funding was approved today through the Kentucky Product Development Initiative (KPDI) and, including local matching funds, more than $18 million is being invested across the commonwealth.

Site and building development projects in Clay, Garrard, Harrison, Jessamine and Woodford counties are the latest approvals for the second round of the program. To date, Round 2 of the program has seen $27.5 million in state funding approved.

“Site selection is crucial in setting up Kentucky for future economic success,” said Gov. Beshear. “The funding provided through the KPDI program gives communities around the state the opportunities and advantages they need to ensure we have quality sites and buildings for incoming companies. I’m excited to announce this latest wave of projects and look forward to quality companies locating on these sites to bring even more great jobs to the commonwealth.”

The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.

The Clay County Fiscal Court, on behalf of the Elk Hill Regional Industrial Authority, will upgrade water infrastructure to the Elk Hill Regional Industrial Park. This is a regional project with support from Clay, Knox and Leslie counties.

The Garrard County Fiscal Court, in partnership with the Lancaster-Garrard County Industrial Development Authority, will acquire a 53-acre property and complete due diligence, as well as site readiness preparations.

The city of Cynthiana, along with the Cynthiana/Harrison County Economic Development Authority, will acquire a 60-acre property, complete due diligence and ready the site for a future economic development project.

The Jessamine County Fiscal Court, on behalf of the Jessamine County Joint Economic Development Authority, will complete development of the Jennette Industrial Park.

The Woodford County Fiscal Court, in partnership with the city of Versailles, will perform due diligence, acquire land, provide infrastructure improvements, perform site preparation and provide road improvements at the Edgewood Industrial Site. The city of Versailles will provide match funds.

Terri Bradshaw, interim president of the Kentucky Association for Economic Development (KAED), highlighted the parties that make KPDI possible: “KAED continues to celebrate the success of this program as we watch Kentucky communities grow their ability to recruit new businesses and jobs. It would not be possible without the foresight of Gov. Beshear, the legislature and the utility sponsors who have consistently supported KPDI, and we are grateful that they recognize the importance of the initiative to our economy and our citizens.”

Round 1 of the program concluded in December 2023, with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio.

In December, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects.

In January, Gov. Beshear announced the first location to receive approval in the second round of the program, with nearly $2 million allocated to support site development in Campbell County.

In February, Gov. Beshear highlighted site and building development projects across 13 counties. Over $15 million in state funding was awarded to support projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties.

In March, the Governor recognized projects in two counties. Over $2.3 million in state support was approved for projects in Breckinridge and Pike counties.

And in April, Gov. Beshear announced three site and building development projects across Fulton, Hickman and Hopkins counties were approved for nearly $2.6 million in state support.

During the 2022 legislative session, Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for the initiative.

Site and building development projects 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. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents. The initiative furthers the efforts of the pilot PDI program, which provided nearly $7 million in state funding for 20 site development projects statewide. Companies have announced economic development projects at 10 of the locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.