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Projects are newest approvals of the Kentucky Product Development Initiative program
FRANKFORT, KY - On Oct. 31, 2024, Gov. Andy Beshear highlighted the continued growth of the state’s site development efforts as projects in Caldwell, Floyd and Perry counties moved through today’s approval process. The Kentucky Economic Development Finance Authority (KEDFA) approved three projects today for $10.2 million in state funding in addition to local support.
The funding is through the Kentucky Product Development Initiative (KPDI), which is overseen by the Cabinet for Economic Development. The initiative provides funding for local communities statewide to increase investment in site and building upgrades to attract future job creation and economic growth.
“When it comes to setting up the commonwealth for long-term economic success, the KPDI program is paving the way,” said Gov. Beshear. “I am thrilled to see this investment in another three projects across our state, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses. Even more important: They will generate well-paying jobs for families throughout Kentucky.”
The Caldwell County Fiscal Court on behalf of the Princeton-Caldwell County Industrial Development Authority is seeking to undertake a project to construct a building on an existing Build-Ready site in the Princeton Industrial Park. This is a regional project between Caldwell and Crittenden counties. The $8 million project has been approved for $4 million in state funding.
Floyd County Fiscal Court on behalf of the Big Sandy Area Development District is seeking to purchase a 50-acre tract for the purpose of developing the property into the Thunder Ridge Industrial Business Park. The project will see $5 million in total funding for development, with $2 million approved in state funding.
Coal Fields Regional Industrial Authority Inc., on behalf of the city of Hazard, is seeking to construct a secondary water treatment plant and transmission line at the Coal Field Industrial Park in Perry County. This is a regional project with support from Breathitt, Knott and Perry counties. The project’s total investment is over $37.7 million, with $4.2 million of funding coming from the state.
Terri Bradshaw, president/CEO of the Kentucky Association for Economic Development (KAED), noted the importance of the KPDI program: “KPDI is a vital tool that will allow us to keep winning those economic development projects that trigger lasting impacts for Kentucky communities and make sure Kentucky remains competitive for game-changing growth projects. I am excited to hear the announcement of these awards to Caldwell, Floyd and Perry counties and can’t wait to see the economic progress they help make possible in the years to come.”
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.
Including today’s approvals, Round 2 of the program has seen $43.6 million in state support approved for 33 additional projects throughout the state.
In December 2023, Gov. Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of Round 2 for further review, with $68.8 million available to support the projects.
In January, Gov. Beshear announced the first location to receive approval in the second round of the program, with nearly $2 million allocated to support site development in Campbell County.
In February, Gov. Beshear highlighted site and building development projects across 13 counties. Over $15 million in state funding was awarded to support projects in Clark, Clinton, Graves, Green, LaRue, Laurel, Logan, Montgomery, Nelson, Pulaski, Scott, Wayne and Webster counties.
In March, the Governor recognized projects in two counties. Over $2.3 million in state support was approved for projects in Breckinridge and Pike counties.
In April, Gov. Beshear announced three site and building development projects across Fulton, Hickman and Hopkins counties were approved for nearly $2.6 million in state support.
In May, Gov. Beshear highlighted projects across five counties. Over $5.7 million in state funding was approved for projects in Clay, Garrard, Harrison, Jessamine and Woodford counties.
In June, the Governor announced projects in two counties. Nearly $2.4 million in state funding was approved for projects in Adair and Boone counties.
In July, Gov. Beshear announced more than $1.1 million in state support, with a project in Rowan County and a regional project in Rockcastle County with support from Garrard and Lincoln counties.
In August, the Governor recognized a $222,500 project in Ohio County.
And in September, Gov. Beshear announced $2 million in state support for a project in Lyon County.
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.
This investment in site development builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $33 billion in announced investments, creating nearly 56,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
For more information on KPDI, visit kpdi.ky.gov.
Information on Kentucky’s economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.