Gov. Beshear announces $34 million going to grow new jobs in Kentucky
FRANKFORT, Ky. (KFVS) - The first-round of 54 sites and building projects are approaching approvals to be developed for economic growth.
On March 8, Governor Andy Beshear announced that $34 million in state funds are close to being distributed to develop land and buildings in local communities to support new jobs and economic growth across Kentucky, according to a release from the governor’s office.
The building development projects are moving forward in the initial round of the Kentucky Product Development Initiative (KPDI) and the Kentucky Cabinet for Economic Development (CED) is now reviewing each project for a recommendation of approval by the Kentucky Economic Development Finance Authority (KEDFI) in the coming months. The projects will be announced once they are approved by KEDFI, according to the release.
Gov. Beshear and the Kentucky General Assembly approved $100 million in funding for KPDI during its regular 2022 session, with $34 million representing the first round of funding for the pro.
“This is a critical effort to ensure we have room for existing and new companies to grow their businesses and add new jobs to our already red-hot economy,” Beshear said. “Identifying and developing new sites that are shovel-ready makes sure our local communities are ready to land their next major economic development project.”
Representative Adam Bowling of Middlesboro, who sponsored the legislation that established KPDI, said this is great news for the commonwealth and an incredible opportunity for the communities receiving the first round of funding.
“The Kentucky Product Development Initiative is based on the simple premise that we have to be willing to invest in ourselves if we want to create jobs and corporate investment,” Bowling said. “This investment will go a long way toward increasing the quality and quantity of available sites and marks the next chapter in our progress to making this the best place to live and work. "
According to the release, KPDI is a collaboration between CED and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth.
Applications are first evaluated by an independent consultant based upon all facets a prospective company would consider. In turn, these projects will generate increased economic development opportunities and job creation for Kentucky residents, the release said.
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