More than $5.2 million has been approved to support future investment and job creation in Adair, Ballard, Clinton, Floyd, Madison, Magoffin, Monroe and Montgomery counties through the Kentucky Product Development Initiative (KPDI).
Adair CountyThe Adair County Fiscal Court, on behalf of the Columbia-Adair County Economic Development Authority, is planning to construct a 40,000-square-foot speculative building within its Green River Commerce Park. The project was approved for nearly $1.7 million in state support.
Ballard County
The Ballard County Fiscal Court, in partnership with the city of Wickliffe, will be performing due diligence on a 30-acre site along the Mississippi River. The project was approved for $90,000 in state funding to support the efforts.
Clinton County
Clinton County Industrial Development Authority plans to conduct due diligence for a Phase I Environmental Site Assessment and geotechnical study.
The studies are the preliminary steps to evaluate environmental conditions, subsurface stability and overall site suitability, ensuring informed decision-making prior to any acquisition and subsequent development efforts that align with its mission to promote investment, job creation and sustainable growth in the region. The project was approved for $25,812 in state support.
Floyd County
The Floyd County Fiscal Court is considering purchasing the Allen Rail Site, near Allen, Kentucky. The property is a total of 40 acres, and approximately 30 acres are developable. The project was approved for $1.3 million in state funding to support the acquisition efforts.
Madison County
The Richmond Industrial Development Corp. is planning to construct an entryway to the property from Duncannon Lane that is sufficient for truck traffic. Duncannon Lane is a two-way divided roadway, and the bulk of this project will focus on turning lanes in both directions but with the hope of using an existing crossover. The project was approved for $398,430 in state support.
Magoffin County
The Magoffin County Fiscal Court is planning to acquire land to expand the present Gifford Industrial Park. In 2023, Magoffin County Fiscal Court opened the park adjacent to the Mountain Parkway outside of Salyersville. Within two years, all three lots in the park were under purchase agreement.
The county is proposing to purchase and develop a 98.4-acre parcel across the Mountain Parkway from the current park, to double the size of the Gifford Industrial Park and attract additional industry employment. The project was approved for $513,000 in state funding to support the development.
Monroe County
The Monroe County Industrial Development Authority (MC-IDA) recently purchased property north of Tompkinsville along Kentucky Highway 163, Edmonton Road. Its transition from long-term agricultural use to industrial readiness represents a significant opportunity for Monroe County to have a developable site available and attract new private-sector investment.
The property, when completed, will offer a large-scale manufacturing site of 20 acres with a single building footprint, along with other small-scale sites for start-ups or local industry needing to expand. The project was approved for $255,000 in state funding.
Montgomery County
The Montgomery County Fiscal Court, on behalf of the Mt. Sterling-Montgomery County Industrial Authority, is planning to construct roads for the Walters Industrial Park. The project was approved for $960,00 in state support.
Including projects approved last month that use remaining funds, the two rounds of the previous iteration of the initiative have seen 157 approved projects statewide for more than $153 million in funding. Including local contributions, these projects have generated nearly $638 million in investments in Kentucky’s sites and buildings portfolio. To date, 51 companies have located on pilot PDI and KPDI funded sites, totaling more than $5.7 billion in capital investment and creating more than 7,400 new jobs.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.
To date, Gov. Andy Beshear and the Kentucky General Assembly have allocated up to $220 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.
Learn more about KPDI at kpdi.ky.gov.
