Kentucky Gov. Andy Beshear announced continued momentum within the state’s speed-to-market and site development initiatives, as $750,000 was approved to support future job growth and investment in Floyd County through the state’s Kentucky Product Development Initiative (KPDI).
“Laying the groundwork for continued economic momentum and future job opportunities is what separates Kentucky from its competition and what will keep our economy moving forward,” said Gov. Beshear. “Team Kentucky is investing in site and building development projects in every corner of the state. We are committed to building a stronger Kentucky, and this is just one example of how we are doing just that. Congratulations to the Floyd County community on their approval.”
The KPDI provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across the commonwealth. This month’s approved project will benefit from recaptured funds tied to the KPDI Program of 2022.
The Floyd County Fiscal Court is considering the purchase of the Allen Rail Site near the city of Allen. The property includes approximately 30 developable acres. The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project. The $1.5 million project was approved $750,000 in state support.
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.
Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 151 approved projects statewide for over $147 million in funding. Including local contributions, these projects have generated nearly $638 million in investments in Kentucky’s sites and buildings portfolio.
To date, 51 companies have located on pilot PDI and KPDI funded sites, totaling over $5.7 billion in capital investment and creating over 7,400 new jobs.
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.
Terri Bradshaw, president and CEO of KAED, noted the importance of taking the necessary steps to create future economic growth: “KPDI continues to be one of the most important tools Kentucky communities have to prepare for future economic growth and investment. KAED is proud to support efforts that strengthen Kentucky’s economic competitiveness and create lasting impact in communities such as Floyd County.”
To date, Gov. Beshear and the Kentucky General Assembly have allocated up to $220 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.