Gov. Beshear: Over $15 Million in State Funding Awarded To Support Job Growth, Site and Building Development in 13 Counties
Projects are part of Round 2 of the Kentucky Product Development Initiative
FRANKFORT, Ky. (Feb. 29, 2024) ? Today, Gov. Andy Beshear announced more than $15 million in state funding going to support job growth and economic development across 13 counties. The latest round of funding was approved today through the Kentucky Product Development Initiative (KPDI) and including local matching funds more than $35 million is being invested across the commonwealth.
Site and building development projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties are the newest approvals for the second round of the program.
?This initiative continues to pave the way for future economic success and job opportunities here in the commonwealth,? said Gov. Beshear. ?Finding ways to make Kentucky stand out to companies looking to relocate here gives us an incredible advantage when it comes to landing new well-paying jobs for our families. Congratulations to these 13 communities across the state as they move another step closer in their site development process.?
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 city of Winchester, on behalf of the Winchester/Clark County Industrial Development Authority, is seeking to complete site preparation and infrastructure improvements to provide future business for Clark County. State funding will provide $2 million to the project, with total improvements reaching $5.6 million, including local support.
The Clinton County Fiscal Court, on behalf of the Clinton County Industrial Development Authority, will extend water and sewer lines to the Clinton County Industrial Park. State funds will provide over $160,000 to the project, with the full scope of the project totaling over $300,000.
The Graves County Fiscal Court on behalf of the Graves County Economic Development Inc. will assist in the acquisition and development of a site in Graves County. The state funds will provide over $1.6 million to the project, with the full scope of the project totaling over $3.2 million.
The Green County Fiscal Court, on behalf of the Green Economic Team Inc., is seeking to complete site preparation and construct a 20,000-square-foot building at the Greensburg Industrial Park. State support will provide $1 million with the total anticipated investment for the project being $2 million.
The City of Hodgenville, on behalf of the LaRue County Fiscal Court, seeks to install sanitary sewer forced main to land set aside for industrial development in Upton. The $1.2 million project was approved today for $600,000 in state support.
The Laurel County Fiscal Court, on behalf of the London-Laurel County Economic Development Authority (LLCEDA), plans to acquire a 170-acre property and complete infrastructure extensions. The state funds will provide nearly $2 million to the project, with the full scope totaling nearly $4 million.
The Logan County Fiscal Court, on behalf of the Logan Industrial Development Authority Inc., seeks to construct a speculative building with an expansion pad at the Shelton Lane Industrial Park. The state will provide $2 million for the over $7.7 million site-upgrade project.
The Montgomery County Fiscal Court, on behalf of the Mt. Sterling-Montgomery County Industrial Authority, plans to purchase property on Owingsville Road and conduct related site engineering and development. The total anticipated project investment is over $4.3 million with $2 million in state funds approved for the site.
The city of Bardstown, on behalf of the Nelson County Fiscal Court, aims to extend utilities and the existing roadway in the Nelson County Industrial Park. The site will see over $1.2 million in improvements, with over $630,000 coming from state support through.
The city of Somerset, on behalf of the Somerset-Pulaski Economic Development Authority (SPEDA), plans to complete phased work at an intersection into a 142-acre site, knows as the SPEDA Commerce Park. Funding from the state will provide $500,000 to the project, with the total project investment being over $1 million.
The Scott County Fiscal Court, on behalf of the city of Georgetown, looks to complete road and infrastructure improvements, due diligence and site preparation work in the Lanes Run Business Park. State funds will supply $1.5 million with the total anticipated investment for the project at $3 million.
The Wayne County Fiscal Court, on behalf of the Wayne County Industrial Authority, seeks to acquire additional acreage to expand the Monticello-Wayne County Business Park. The nearly $1 million project was approved today for close to $500,000 in state support.
The Webster County Fiscal Court, on behalf of the Webster County Industrial Development Authority, aims to complete due diligence, site preparation and road improvements to provide Webster County with new business opportunities. The total anticipated project investment is over $1 million, with $529,000 in state funding approved for the site.
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 two for further review, with $68.8 million available to support the projects.
Last month, 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.
Haley McCoy, president and CEO of the Kentucky Association for Economic Development (KAED), noted the collaborative effort needed for KPDI to be successful and thanked the many utility partners who play a vital role in the program?s success: ?We are grateful for the collective vision of Kentucky?s economic development partners that has led to the wide success of KPDI. Through collaboration of the state legislature, executive branch, business and nonprofit organizations, KPDI continues to place strategic investments in the commonwealth?s communities that will generate returns for years to come. We appreciate our utility partners Kentucky Power, LG&E and KU, Big Rivers Electric, TVA, Duke Energy, Atmos Energy, East Kentucky Power and Louisville Water for partnering with KAED to cover the cost of the independent evaluations from site consultants that help Kentucky steward these investments in impactful ways.?
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.
Investment in site development throughout Kentucky builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.3 billion in announced investments, creating nearly 52,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth?s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On?s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC?s $2 billion, 2,000-job gigafactory project in Warren County; Toyota?s $1.3 billion investment in Scott County; and INFAC North America?s $53 million investment in Taylor County, among others.
The Governor?s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody?s Investors Service upgraded Kentucky?s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a ?Supply Kentucky? initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
Learn more about the Kentucky Product Development Initiative at kpdi.ky.gov.
Information on Kentucky?s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
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