Gov. Andy Beshear on Thursday announced final approval for the initial round of a new Build-Ready site development initiative as six projects supporting economic development and job growth in eight counties were approved for nearly $5 million in state funding.
The Kentucky Product Development Initiative (KPDI) projects are in Butler, Fulton, Owen, Powell and Warren counties, as well as a regional project that includes Boone, Campbell and Kenton counties for an air cargo warehouse with airside access on CVG property.
“The first round of funding has been a tremendous success in supporting future growth and economic momentum,” said Gov. Beshear. “Our site development and speed-to-market initiatives are crucial to our long-term success in attracting companies to locate in our communities, bringing with them quality job opportunities. I am thrilled to see these projects moving ahead and look forward to seeing the businesses and companies they attract.”
Established in 2022 and administered by the Kentucky Economic Development Finance Authority (KEDFA), round one of the KPDI program includes 53 site and building development projects statewide approved for over $31 million in state funding.
The latest awards will improve a variety of facilities.
• The Boone County Fiscal Court, on behalf of the Kenton County Airport Board, is seeking to construct an air cargo warehouse facility with airside access on airport property. This is a regional project with support from Boone, Campbell and Kenton counties. KPDI funds will supply $3.6 million with the total anticipated investment being over $14.7 million.
• The city of Morgantown, on behalf of the Morgantown Industrial Holding Corp. in Butler County, is seeking to improve roads in the Morgantown Industrial Park. KPDI funds will provide over $300,000 to the project, with total improvements being just over $600,000.
• The Fulton County Fiscal Court, on behalf of the Fulton County Industrial Development Authority, is seeking to develop the Enterprise Park for site development and rail-readiness. The nearly $1.9 million project was approved today for over $158,000 in state support.
• The Owen County Fiscal Court, on behalf of the Owen County Industrial Development Corp., is seeking to construct a new Build-Ready pad in Owen County. KPDI funds will provide over $90,000 for the $186,500 site-upgrade project.
• The Powell County Fiscal Court, on behalf of the Powell County Industrial Development Authority, is seeking to extend water and sewer utilities into the Clay City Business Park. The total anticipated project investment is $780,000 with nearly $320,000 in KPDI funding approved for the site.
• The city of Bowling Green, on behalf of the Inter-Model Transportation Authority, is seeking to extend infrastructure in the Kentucky Transpark in Warren County. The site will see over $830,000 in improvements, with over $415,000 coming from state support through the KPDI program.
Governor’s Office