FRANKFORT, Ky. – Demand for available sites and buildings in Kentucky is growing, with a substantial number of companies looking to locate and expand in the commonwealth. On Monday, Gov. Andy Beshear announced funding for Logan County Industrial Development Authority to develop an additional 52 acres in the West Industrial Park.
West Industrial Park is one of several high-quality heavy industrial sites in the commonwealth. The approved funding will be used for clearing, grubbing and rough-grading the new 52-acre acquisition. The project is expected to include a $1.46 million investment in the park and add to Kentucky’s impressive sites and buildings inventory.
The Logan County location was selected for funding through the Product Development Initiative (PDI) in 2020. PDI was created through a partnership between the Kentucky Cabinet for Economic Development (KCED) and the Kentucky Association for Economic Development (KAED) to provide competitive grants to Kentucky economic development organizations and local governments to supplement site and building improvement projects. PDI aims to create jobs and corporate investment by enhancing the quality and quantity of Kentucky’s available sites and buildings. As well, it encourages collaboration among Kentucky economic developers and stakeholders with an emphasis on speed-to-market to help new and expanding businesses quickly find suitable locations in Kentucky.
Matt Tackett, president and CEO of KAED, said PDI prepares communities to improve infrastructure and capitalize quickly on global investments.
“As economic momentum is surging in the commonwealth, communities must be ready to capitalize on unprecedented opportunity. PDI is a key tool to assist in this effort, as it provides strategic investments to enhance our ability to provide global enterprise with quick, risk-free site selection experiences,” Tackett said. “KAED congratulates the team in Logan County for winning a PDI grant, better preparing a key regional asset and accelerating economic opportunity in the commonwealth.”
PDI boosts the commonwealth’s ability to attract a diverse base of businesses of every size. This adds to the state’s numerous other advantages, including its ideal geographic location with its borders within a day’s drive of two-thirds of the U.S. population, the lowest industrial electric costs east of the Mississippi River and a skilled workforce ready to meet the needs of any company.
Logan Chick, judge/executive in Logan County and chair of the Logan County Industrial Development Authority, said the site upgrades help Russellville stand out among the competition when it comes to site selection.
“We are thankful to be chosen as a recipient of the PDI grant and look forward to seeing the impact the additional funds have on West Industrial Park and our community,” Chick said. “As current chairman of the Logan Industrial Development Authority, I understand how competitive the site selection process is, and we continually seek ways to make sure Logan County is in the game. We’re grateful to the Cabinet for Economic Development and KAED for the PDI initiative. This grant will allow Logan IDA to make a great industrial site even better.”
Investment in the Logan County site furthers recent economic momentum in the commonwealth, as the state surges ahead in response to the effects of the pandemic.
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