FRANKFORT, Ky. — The Kentucky Economic Development Finance Authority (KEDFA) approved three site development projects in Caldwell, Floyd and Perry counties today for $10.2 million in state funding to match local support.
The funding is through the Kentucky Product Development Initiative (KPDI), which is overseen by the Cabinet for Economic Development. The initiative provides funding for local communities statewide to increase investment in site and building upgrades to attract future job creation and economic growth.
During the 2022 legislative session, Beshear and the Kentucky General Assembly approved $100 million in funding for KPDI after a successful test of the concept brought investment provided nearly $7 million in state funding for 20 site development projects.
“When it comes to setting up the commonwealth for long-term economic success, the KPDI program is paving the way,” Gov. Andy Beshear said. “I am thrilled to see this investment in another three projects across our state, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses. Even more important: They will generate well-paying jobs for families throughout Kentucky.”
The Caldwell County Fiscal Court on behalf of the Princeton-Caldwell County Industrial Development Authority is seeking to undertake a project to construct a building on an existing Build-Ready site in the Princeton Industrial Park. This is a regional project between Caldwell and Crittenden counties. That $8 million project has been approved for $4 million in state funding.
Floyd County Fiscal Court on behalf of the Big Sandy Area Development District seeks to purchase a 50-acre tract to develop the property into the Thunder Ridge Industrial Business Park. The project will see $5 million in total funding for development, with $2 million approved in state funding.
Coal Fields Regional Industrial Authority Inc., on behalf of the city of Hazard, is seeking to construct a secondary water treatment plant and transmission line at the Coal Field Industrial Park in Perry County. This is a regional project with support from Breathitt, Knott and Perry counties. The project’s total investment is over $37.7 million, with $4.2 million of funding coming from the state.
Terri Bradshaw, president/CEO of the Kentucky Association for Economic Development (KAED), calls the KPDI program important across the state.
“KPDI is a vital tool that will allow us to keep winning those economic development projects that trigger lasting impacts for Kentucky communities and make sure Kentucky remains competitive for game-changing growth projects,” Bradshaw said. “I am excited to hear the announcement of these awards to Caldwell, Floyd and Perry counties and can’t wait to see the economic progress they help make possible in the years to come.”
Round 1 of the $100 million 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.
Including today’s approvals, Round 2 of the program has seen $43.6 million in state support approved for 33 additional projects throughout the state.
In December 2023, Gov. Beshear announced that 46 site and building development projects in 45 counties were advancing to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects. Completed projects generate increased economic development opportunities and job creation for Kentucky residents.
Site and building development projects are first evaluated by an independent consultant, who aims to assess applicant sites from the prospectives private companies use: workforce availability, access to all infrastructure, and detailed information on development costs.
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.
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