ASHLAND, Ky. — The Johnson County Fiscal Court has received a $35,275 economic development grant from Kentucky Power for improvements to the Hager Hill Industrial Site. The grant is funded through the Kentucky Power Economic Growth Grant (KPEGG) program.
The grant will assist in the design and engineering phase of Johnson County’s plan to obtain a build-ready certification for the site. Build-ready certification is a program designed by the Kentucky Cabinet for Economic Development that makes sites more marketable to prospective businesses. The certification is proof to a company that unknown obstacles have been removed, due diligence has been performed at the site and the project implementation timeline has been significantly accelerated.
The KPEGG program assists in the funding of economic development programs or projects that promote the creation and retention of manufacturing and/or industrial investment and jobs. The program has completed its fourth yearly cycle and last year 19 grants for economic development efforts in Kentucky Power’s service territory were awarded totaling $859,175.
The program is funded through the Kentucky Economic Development Surcharge. For every $1 collected monthly from nonresidential customers, company stockholders match the customer contributions dollar for dollar to generate nearly $800,000 annually for investment at the local and regional levels. The program is available in all 20 counties served by Kentucky Power.
Grant applications are reviewed by a committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet. More information is posted at https://kentuckypower.com/development/.