FRANKFORT, Ky. — The state recently announced more than $1.1 million in KPDI state funding to support site and building development projects in Rockcastle and Rowan counties for future job growth.
The projects will receive state support through the Kentucky Product Development Initiative (KPDI). The Rockcastle County site is a regional project with additional support from Garrard and Lincoln counties.
“This second round of funding has been a tremendous success and is a clear indicator of Kentucky’s commitment to job growth and site and building development,” said Gov. Andy Beshear. “Our site development and speed-to-market initiatives are crucial to the commonwealth’s long-term success in attracting quality companies to locate in our communities, bringing with them exciting new job opportunities. I am thrilled to see these projects moving forward, and I can’t wait to see the businesses they attract.”
KPDI, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future economic growth in the commonwealth and bring well-paying jobs to Kentuckians.
The Rockcastle County Fiscal Court, on behalf of the Rockcastle County Industrial Development Authority, will acquire land adjoining the Sparks property and complete due diligence and site preparation. This regional project has support from Garrard and Lincoln counties.
The Rowan County Fiscal Court, in partnership with the Morehead-Rowan County Industrial Development Authority, will acquire 80-acres identified by an independent site selection consultant as having the potential for future investment and industrial development.
Terri Bradshaw, president of the Kentucky Association for Economic Development (KAED), emphasized the importance of the KPDI program: “The Kentucky Product Development Initiative remains vital to the overall prosperity of Kentucky and continues to serve as yet another tool to support growth and build stronger communities. KAED is proud to be part of an initiative that helps build a more vibrant economy in these rural Kentucky regions and offers the resources and support they need to capitalize on their full potential.”
Round 1 of the KPDI 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. And to date, Round 2 of the program has seen more than $31 million in state funding.
