Gov. Andy Beshear on Thursday announced nearly $2 million was approved to support site development in Campbell County, the first location to receive approval in the second round of the Kentucky Product Development Initiative.
“Site and building development is essential to positioning Kentucky for future economic success,” said Gov. Beshear. “The funding this initiative provides gives communities across the state the opportunities and advantages required to have quality sites and buildings to attract growing companies across all industries. I’m excited to announce the first project to receive approval in the second round of the Kentucky Product Development Initiative and look forward to more quality companies growing in the Campbell County community.”
(Photo from Campbell County)
The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.
The Campbell County Fiscal Court, in partnership with the Campbell County Economic Progress Authority, will assist in the acquisition and development of a speculative site in southern Campbell County. The state funds will provide nearly $2 million to the project, with the full scope of the project totaling nearly $4 million. The site development project will provide Campbell County with new business opportunities that provide significant job creation and capital investment.
“The PDI program provides critical funding for site development and we are excited for the Campbell County Economic Progress Authority to take another step forward in making the Southern Campbell County Industrial Park development-ready,” said BE NKY Growth Partnership CEO Lee Crume. “Having available sites is crucial for economic development success in Northern Kentucky.”
Round 1 of the program concluded in December 2023, with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio.
In December, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of round two for further review, with $68.8 million available to support the projects.
“We continue to see great things happening through KPDI, and this project is no exception. We are grateful to the Kentucky legislature and executive branch for understanding the value of investing state resources on statewide economic development at the local level,” said Haley McCoy, president and CEO of the Kentucky Association for Economic Development (KAED). “Thanks to added support from our utility partners, including Atmos Energy, Big Rivers, Duke Energy, Kentucky Power, LG&E and KU, TVA, Touchstone Energy Cooperatives and Louisville Water, KAED has been able to provide independent third-party consulting support from Site Selection Group to evaluate each application, site and project. As Kentucky’s momentum continues, we look forward to seeing good returns from these strategic investments for years to come.”
During the 2022 legislative session, Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for the initiative.
Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents. The initiative furthers the efforts of the pilot PDI program, which provided nearly $7 million in state funding for 20 site development projects statewide. Companies have announced economic development projects at 10 of the locations funded during the pilot PDI program, projecting $4 billion of capital investment and 3,500 new, full-time jobs.
Learn more about the Kentucky Product Development Initiative at kpdi.ky.gov.
Governor’s Office
