$2 million in state support to support construction of spec building

FRANKFORT, KY - On September 26, 2024, Gov. Andy Beshear announced further investment in Kentucky’s build-ready, job-ready site development efforts as Lyon County was approved for $2 million in state funding to spur future investment and job creation.

“When it comes to setting up the commonwealth for long-term economic success, our collaboration with local communities is paving the way,” said Gov. Beshear. “I am thrilled to see further investment into a site that was previously approved for funding for crucial upgrades. This site in Lyon County will attract quality business and will generate well-paying jobs for Kentucky families.”

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.

The city of Eddyville, on behalf of the Eddyville Riverport and Industrial Development Authority, plans to construct a spec building on Site B in the Eddyville Industrial Park. This site was part of a regional project including Caldwell, Crittenden, Livingston, Lyon and Trigg counties that received approval in June 2023 for $34,715 in state funding. In May 2023, the Governor announced the location received Build-Ready certification.

Terri Bradshaw, president/CEO of the Kentucky Association for Economic Development (KAED), mentioned the parties that made the project possible: “KAED remains excited to be a part of this collaboration between the Governor, General Assembly, Kentucky Cabinet for Economic Development, our sponsors and the local communities in driving economic development and creating spaces to generate jobs across Kentucky. We look forward to partnering with Eddyville Industrial Park as they use this project to help bring new businesses, create jobs and boost local tax revenues in their community.”

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.

To date, Round 2 of the program has seen $33.4 million in state support approved for 30 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.

And in August, the Governor recognized a $222,500 project in Ohio 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 $32.5 billion in announced investments, creating more than 55,000 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.