Nearly $2.4 million in state funding has been allocated to support site and building development projects in Adair and Boone counties for future job growth through the Kentucky Product Development Initiative (KPDI).
“The Kentucky Product Development Initiative is paving the way for the commonwealth’s long-term economic success,” said Gov. Andy Beshear. “I am thrilled to see Round 2 of the program provide support for Adair and Boone counties, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses, which in turn will help these communities grow and thrive.”
The initiative, overseen by the Cabinet for Economic Development, provides funding for local communities to further invest in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky. Â
The Adair County Fiscal Court, in partnership with the Columbia-Adair County Economic Development Authority, will make general infrastructure improvements, including paving and entrance construction at the Green River Commerce Park.
The Boone County Fiscal Court, along with the Kenton County Airport Board, will develop CVG Site 7 at the Cincinnati/Northern Kentucky International Airport, an ideal site for attracting and accommodating future industrial and manufacturing companies.
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. And to-date, Round 2 of the program has seen almost $29.9 million in state funding.
In December, 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.
And 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.
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.
Investment in site development throughout Kentucky builds on the best four-year period for economic growth in state history.
