LOUISVILLE, Ky. — Gov. Andy Beshear, D-Ky., announced Dec. 21 that 46 site and building projects have moved ahead to the due diligence stage in the second round of the Kentucky Product Development Initiative.
The projects are spread out across 45 counties, and $68.8 million is available for support. The initiative, sponsored by the Cabinet for Economic Development, provides funding for local communities to further investments in site and building upgrades.
Projects selected for review are in the following counties: Adair, Bell, Boone, Breckinridge, Boyd, Butler, Caldwell, Campbell, Clark, Clay, Clinton, Edmonson, Floyd, Franklin, Fulton, Garrard, Graves, Green, Harrison, Hickman, Hopkins, Jessamine, Knox, LaRue, Laurel, Logan, Lyon, McCracken, Montgomery, Nelson, Oldham, Ohio, Perry, Pike, Pulaski, Rockcastle, Rowan, Scott, Shelby, Simpson, Todd, Trigg, Wayne, Webster and Woodford.
"The Kentucky Product Development Initiative is a crucial effort helping to ensure we have sites available for companies to grow and add new jobs to our already thriving economy,” Beshear said in a release. "Identifying and developing new sites that are shovel-ready ensures that our local communities have everything they need to land major economic development projects. Congratulations to every community that is now one step closer to approval.”
The program's first round concluded earlier in December, with 53 projects approved for $31.2 million in funding. They are generating more than $123 million in investments in Kentucky's sites and buildings portfolio.
All projects have been reviewed by a third-party, independent site selection consultant, which evaluated and submitted recommendations to the Cabinet for Economic Development. In the coming months, officials will consider each project and complete the final stage of due diligence for a recommendation of funding approval, conducted by the Kentucky Economic Development Finance Authority.
Applications for 69 site and building development projects were submitted for the second round. More than 70% of Kentucky counties were approved for funding under the pilot program and round one or advanced to round two. According to the governor's office, communities not selected for funding are receiving feedback from a third-party consultant on areas of improvement.
Beshear and the Kentucky General Assembly approved $100 million in funding for the program during the 2022 legislative session, which is a joint initiative between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED).
"Kentucky's local economic developers are tremendous champions for our commonwealth," said Haley McCoy, president and CEO of KAED. "We are excited to see that over the course of two years, they have assisted Kentucky communities in applying for these funds that well-exceed the $100 million appropriation from the General Assembly."
More information about the Kentucky Product Development Initiative can be found here.