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State funding approved for site and building development project in Greenup County

Project among first to be moved through approvals in round one of Kentucky Product Development Initiative

FRANKFORT – On March 30, Gov. Andy Beshear highlighted site and building development projects in Greenup, Laurel and Madison counties as the first to move through the approval stage in the initial round of the Kentucky Product Development Initiative (KPDI). The Kentucky Economic Development Finance Authority (KEDFA) approved three projects for over $2.7 million in state funding.

The KPDI program, established in 2022, builds on the state’s growing effort to develop land and buildings in local communities to support new, good-paying jobs and economic growth across Kentucky.

“Staying proactive at the front end of the site selection process is a critical element to setting Kentucky up for future economic success,” said Gov. Beshear. “The KPDI program gives the commonwealth a competitive advantage by ensuring availability of quality sites and buildings to help attract growing companies and great jobs throughout the state. I am excited to announce these initial projects moving forward in the first round of this initiative and am excited to welcome the quality companies that will locate in these communities in the near future.”

The Northeast Kentucky Regional Industrial Authority Inc. and Greenup County Fiscal Court submitted a regional project in partnership with Boyd, Carter, Elliott and Lawrence counties for the site acquisition of over 240 acres in the EastPark Industrial Park. The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project and will see $1.5 million in land acquisition including $750,000 in state support. In 2022, the Beshear administration and Commonwealth Seed Capital worked with leaders from Unity Aluminum to recoup a $15 million investment made by the prior administration in an aluminum mill that never materialized at the site.

KPDI was established last year after Gov. Beshear and the General Assembly approved $100 million in funding for KPDI during its regular 2022 session. Applications 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. KPDI furthers the efforts of the pilot PDI program, which was established in 2019 and provided nearly $7 million in state funding for 20 site and building development projects statewide.

Investment in site development throughout Kentucky furthers recent economic momentum in the commonwealth, as the state builds back stronger from the effects of the pandemic.

For more information on KPDI, visit kpdi.ky.gov.



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