Kentucky Product Development Initiative (KPDI) projects in Adair, Johnson, Rowan, and Russell were approved for funding to help improve economic growth in Eastern Kentucky. The Kentucky Economic Development Finance Authority (KEDFA) approved a total of eight projects on Thursday for more than $4.6 million in state funding, five of which are in Eastern Kentucky.
Site selection can be crucial for helping communities in the state for future economic success and allows growing businesses with buildings to be used for future use.
Which projects are being funded?
The Adair County Fiscal Court, the Columbia-Adair County Economic Development Authority, and the City of Columbia have partnered and will build a 150,000-square-foot Build-Ready-certified pad that will further the potential for economic development.
The $918,882 project was identified by an independent site selection consultant and was approved for nearly $460,000 in state support.
The City of Corbin and the Southeast Kentucky Industrial Development Authority (SKED), in partnership with Bell, Knox, and Whitley counties, received approval on a regional project to construct a 105,000-square-foot spec building on Lot No. 7 in the Southern Kentucky Business Park, which will be designated Spec Building No. 5.
The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project and will see $3.78 million in building costs including $1.9 million in state support.
One East Kentucky has partnered with the Johnson County Fiscal Court to expand its existing Build-Ready-certified industrial park in Hager Hill. The $435,000 project was approved today for $217,500 in state support.
The Rowan County Fiscal Court, in partnership with the Morehead-Rowan County Economic Development Council, will purchase 238 acres located on Rodney Hitch Boulevard in Morehead for future industrial use. The $2.3 million acquisition was approved by KEDFA for nearly $600,000 in state support through the KPDI program.
The Russell County Industrial Development Authority and the Russell County Fiscal Court have partnered to extend a road through the Lake Cumberland Regional Industrial Park.
The over $970,000 project was approved today for nearly $440,000 in state funds to help support the development.
What is KPDI?
The newly established Kentucky Product Development Initiative (KPDI) is a statewide effort to support upgrades at industrial sites throughout the commonwealth and position Kentucky for continued economic growth.
For more information on KPDI, click HERE.