- Kicks Off Latest Round of Kentucky Product Development Initiative
- $35 million in funding available for projects statewide
Gov. Andy Beshear announced further investment in Kentucky’s build-ready, job-ready site development efforts as Boyle, Hopkins, Laurel, Montgomery, Pulaski and Taylor counties were approved for over $7 million in state funding to spur future investment and job creation.
“We’re making sure our local communities have the tools and support needed to secure major economic development projects that can create new jobs and opportunities for our people,” said Gov. Beshear. “We want folks to know our New Kentucky Home is the best place to do business, and programs like this help businesses get up and running fast so they’re set up for success. Congratulations to all of the communities and sites who received approval today and to those moving ahead in this process.”
The Kentucky Product Development Initiative, or KPDI, provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.
The city of Danville, on behalf of the Danville-Boyle County Economic Development Corp., is planning the John H. Stigall road project, which will be an extension of the Boyle County Industrial Foundation’s existing industrial park. The new road will be built on the city’s dedicated right-of-way and provide access to an additional 89 acres for future development.
The Hopkins County Fiscal Court, on behalf of the Madisonville-Hopkins County Economic Development Corp., will be completing a due diligence study on an industrial site located in Hopkins County. The Madisonville-Hopkins County Economic Development Corp. is providing a 15% match to the KPDI funds.
The Laurel County Fiscal Court, on behalf of the London-Laurel County Economic Development Authority, is continuing the development of the McDaniel Industrial Park with the creation of a 1,400-foot entrance road. The London-Laurel County Economic Development Authority is providing a 20% match to the KPDI funds.
The Montgomery County Fiscal Court, on behalf of the Mt. Sterling-Montgomery County Industrial Authority, is performing site preparations at the Walters Industrial Park including fill placement/preparation for a detention pond, storm drainage and sanitary sewer and water.
The city of Somerset, on behalf of the Somerset-Pulaski Economic Development Authority, is continuing the development of the SPEDA Commerce Park. The project will consist of road and infrastructure improvements. The Somerset-Pulaski Economic Development Authority is providing a 17.5% match to the KPDI funds.
The Taylor County Fiscal Court, on behalf of the Campbellsville-Taylor County Industrial Development Authority, is constructing a new Build-Ready pad on 53.5 acres in the Heartland Commerce and Technology Park.
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months. Projects across 25 counties are moving on to the due diligence stage, and the projects announced today are the first approvals.
The two rounds of the previous iteration of the initiative – the KPDI Program of 2022 – concluded earlier this year, with 90 projects statewide approved for over $85 million in funding. Including local contributions, these projects are generating over $512 million in investments in Kentucky’s sites and buildings portfolio.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.
“The Kentucky Product Development Initiative is a transformational tool in our state’s economic development strategy,” Terri Bradshaw, president and CEO of KAED. “This latest round of funding represents a powerful investment in the future of our communities – enhancing our competitiveness, strengthening local economies, and accelerating job creation across the commonwealth. We are proud to partner with the Kentucky Cabinet for Economic Development in supporting these communities and we sincerely thank our sponsors, Gov. Beshear and the General Assembly for their continued commitment to economic development across Kentucky.”
To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 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 was established in 2019 and 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.
Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
Learn more about KPDI at kpdi.ky.gov.
