$222,500 in state support to provide infrastructure upgrades at Bluegrass Crossings Business Centre
FRANKFORT, Ky. (Aug. 29, 2024) – Today, Gov. Andy Beshear announced further investment in Kentucky’s site and building development efforts as Ohio County was approved for $222,500 in state funding to spur future investment and job creation.
“Over the past few years, we have established a new standard for economic success in Kentucky,” Gov. Beshear said. “To keep that momentum going, we have to continue to invest in our communities. We must ensure we have quality sites that offer growing businesses everything they need to succeed, so they can create even more great jobs for Kentuckians. This investment in Ohio County is the latest evidence of our commitment to continued economic prosperity in the commonwealth. I look forward to the next great announcement in this community.”
The funding is through the Kentucky Product Development Initiative (KPDI), which is overseen by the Cabinet for Economic Development. The initative provides funding for local communities statewide to increase investment in site and building upgrades to attract future job creation and economic growth.
The Ohio County Fiscal Court, on behalf of the Green River Regional Industrial Development Authority, plans to extend main road access along the Bluegrass Crossings Business Centre in Beaver Dam. The industrial development authority will provide the match funds for the project.
Ohio County Judge/Executive David Johnson praised the program: “We truly appreciate the support of the state to invest in site development in Ohio County. This program is another great opportunity for us to grow.”
Terri Bradshaw, president/CEO of the Kentucky Association for Economic Development (KAED), said the project will positively impact the region: “KAED is proud to be a part of Kentucky’s continued commitment to communities across the commonwealth to deliver the financial resources needed to grow strong, resilient regional economies. I look forward to seeing the positive impact this investment will have in Ohio County.
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 $31.4 million in state support approved for 29 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.
And 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.
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 billion in announced investments, creating approximately 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 and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
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.
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