FRANKFORT, Ky. — Kentucky Economic Development Finance Authority (KEDFA) today approved over $2.5 million in state Product Development Initiative funding to develop land and buildings to support economic growth and good-paying jobs across eight sites in 11 counties.
Projects in Logan, Washington, Henderson, Caldwell, Trigg and Nicholas counties, as well as a regional project including Caldwell, Crittenden, Livingston, Lyon and Trigg counties, were approved.
The state funding comes from the Kentucky Product Development Initiative program established in 2022. To date, 30 site and building development projects have been approved for approximately $17 million in state funding.
“Site and building development are crucial parts of positioning Kentucky for economic success and capitalizing on the momentum we’ve seen over the past two-and-a-half years,” Gov. Andy Beshear said. “With these funds communities can have quality sites ready for companies to move to and plant their roots. I’m excited to announce this fourth wave of funding, and I can’t wait to see what the future holds for these sites.”
The Henderson County Fiscal Court, on behalf of the West Kentucky Regional Industrial Development Authority Inc., will complete a site grading plan with an approximate 1 million-s.f. building pad at the Sandy Lee Watkins site. The $1.4 million project was approved for $700,000 in state funding through the program.
The Logan County Fiscal Court, on behalf of the City of Russellville, is providing an upgrade to a lift station to attract new industry. The $1.85 million project was identified by an independent site selection consultant and was approved for nearly $666,800 in state support.
The Lyon County Fiscal Court, on behalf of Caldwell, Crittenden, Livingston, Lyon and Trigg counties, has submitted a regional project to conduct a floodplain analysis at the Pennyrile Westpark Industrial Park, with the beneficiary being Pennyrile Westpark Industrial Development Authority. The more than $69,000 regional project was approved for nearly $35,000 in state funding.
The Nicholas County Fiscal Court, on behalf of the Bourbon County-Nicholas County Joint Economic Development Board will acquire the Finfrock property to begin engineering and site improvements. The over $1.35 million project was approved for more than $675,000 in state funding.
The Trigg County Fiscal Court, in partnership with the Cadiz-Trigg County Industrial Development Authority Inc., has plans to construct a new wastewater pump station at the Interstate-24 Business Park. The $450,000 project was approved for $225,000 in state support during today’s KEDFA meeting.
The Washington County Fiscal Court, on behalf of the Springfield/Washington County Economic Development Authority, was approved for $200,000 in state funds split across two sites in the Washington County Commerce Center. The projects will combine to see $400,000 in investment for the improvement and preparation of the sites.
The City of Princeton has partnered with the Princeton-Caldwell County Industrial Development Authority to undertake a project to conduct an in-depth analysis of the karst topography located at the Princeton Industrial Park. The over $84,500 project was approved today for more than $42,000 in state support.
Haley McCoy, president and CEO of the KAED, which administers the application process for the Product Development Initiative program, is excited for the continued site and development projects.
“We are excited to see these counties being approved for funding through the Kentucky Product Development Initiative program,” McCoy said. “We are especially thrilled to celebrate the regional project in Western Kentucky resulting from intentional collaboration among five counties. This growth is not possible without leadership and support from the General Assembly and the Governor, as well as investments from Atmos Energy, Big Rivers Electric, Duke Energy, Kentucky Power, LG&E and KU, TVA, Touchstone Energy Cooperatives/EKPC and Louisville Water to provide independent third-party site selection consulting to evaluate the projects. Our association celebrates the true teamwork that is propelling Kentucky forward.”
