Gov. Beshear: Upgrades Ready Madison County Site for Next Big Economic Investment and Jobs Project
State program boosts speed-to-market for new and expanding businesses
RICHMOND, Ky. (Nov. 19, 2024) – Today, Gov. Andy Beshear highlighted continued investment in the commonwealth’s soaring economy as he joined local officials in Madison County to cut the ribbon on the state’s latest site development project, which will attract even more jobs to the Richmond area.
“The growth of our speed-to-market initiatives over the last few years is helping to position Kentucky for even more investment and jobs in every corner of the state,” said Gov. Beshear. “Companies looking to invest here for the first time or expand operations have a new place to get up and running quickly, and that brings more great job opportunities for our people. I want to thank the local and state officials for helping to establish this site and look forward to the investment and job creation it will bring to Madison County.”
The new site, located in the Richmond Industrial Park South III on Bill Robertson Way, adds to the state’s growing list of properties certified by the Cabinet for Economic Development as Build-Ready. The site consists of nearly 47 acres owned by the Richmond Industrial Development Corp. (RIDC) and includes two graded building pads consisting of 87,500 and 300,000 square feet respectively. The site was previously approved in March 2023 for $500,000 in state funding through the Kentucky Product Development Initiative (KPDI) to further industrial site development. The Richmond Industrial Park South III site is also a CSX Select Site, which highlights sites across the U.S. that have highly desirable direct rail access.
The site is zoned for heavy industrial use with two graded, fully engineered and compacted building pads totaling nearly 400,000 square feet. Utilities include 4- and 8-inch gas lines, 10- and 12-inch sewer lines and 12- and 16-inch waterlines. Electric service to the newly graded sites is provided by Blue Grass Energy Cooperative and Kentucky Utilities. Natural gas will be provided to future tenants by the Delta Natural Gas Company and high-speed internet is available at the site as well.
Richmond Mayor Robert Blythe highlighted the positive impact that companies choosing to locate in the community are having: “The city of Richmond is very much appreciative of the jobs that are being made available by companies that have chosen to locate here. Whether their operations are in our industrial parks or in other locations throughout the community, their continued growth and prosperity is very important to us.”
John McPhearson, president of the RIDC, noted the upgrades done to the site and the new business it will attract: “This new Kentucky certified Build-Ready site is just one of several infrastructure upgrades that have been done in the Industrial Park to increase marketability. Attracting new business prospects to our Industrial Parks is a very competitive process and we stand ready to meet that challenge. We are Build-Ready!”
With a Build-Ready site, much of the work – aside from construction – has already been completed. That includes controlling the land to be developed, completing archaeological, environmental and geotechnical studies, constructing a building pad, finishing preliminary design work, obtaining approved site plan permits and putting necessary infrastructure in place. On a Build-Ready site, construction can begin immediately.
To be certified as Build-Ready, a site must include a pad that can accommodate a building of 50,000 square feet, with the ability to expand to 100,000 square feet or more, and utilities extending to the site. Applicants – usually a city, county or economic development group – must have previously filed the necessary permits, as well as preliminary building plans, cost estimates and schedule projections. Applicants also are asked to provide a rendering of a potential building for the site.
Including the new site in Madison County, the commonwealth is home to 26 available Build-Ready sites. Multiple other locations across the state are currently working toward certification.
To date, 12 former Build-Ready-certified sites – including tracts located in Barren, Butler, Christian, Graves, Hart, Laurel and Pulaski counties and five sites in Warren County – have been selected by companies for new location projects, allowing companies to bring their operations online in a cost-efficient manner while creating jobs for local Kentuckians.
The new Build-Ready site in Madison County 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 nearly $34 billion in announced investments, creating roughly 57,500 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; ; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby 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, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and top 10 nationally in its 2024 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. And this month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
For more information on Build-Ready sites in Kentucky, visit CED.ky.gov/BuildReady.
A detailed community profile for Madison County can be viewed here.
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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