In a strategic move to bolster economic development, the Kentucky Economic Development Finance Authority has approved $10.2 million in state funding for three transformative projects across the Commonwealth. This investment aims to unlock new opportunities for job creation, infrastructure upgrades, and long-term economic growth in Eastern Kentucky.

Unlocking the Potential of Kentucky's Industrial Heartland

Revitalizing the Big Sandy Region

The Floyd County Fiscal Court, on behalf of the Big Sandy Area Development District, has secured $2 million in state funding to purchase a 50-acre tract of land. This land will be developed into the Thunder Ridge Industrial Business Park, a hub for future economic activity and job creation. By investing in this strategic site, the state is positioning the region to attract new businesses and industries, diversifying the local economy and providing much-needed employment opportunities for the residents of Eastern Kentucky.

Enhancing the Coal Fields Industrial Park

The Coal Fields Regional Industrial Authority Inc., representing the city of Hazard, has received $4.2 million in state funding to construct a secondary water treatment plant and transmission line at the Coal Fields Industrial Park in Perry County. This regional project, with support from Breathitt, Knott, and Perry counties, aims to improve the park's infrastructure and make it more attractive to potential investors. By upgrading the water treatment capabilities, the state is ensuring that the industrial park can accommodate the needs of a wide range of businesses, further bolstering the region's economic potential.

Driving Growth through the Kentucky Product Development Initiative

The funding for these projects is provided through the Kentucky Product Development Initiative (KPDI), a program overseen by the Cabinet for Economic Development. The KPDI program is designed to empower local communities across the state to invest in site and building upgrades, ultimately attracting new businesses and fostering economic growth. By targeting strategic investments in infrastructure and industrial development, the state is laying the groundwork for a more prosperous future for Kentucky's residents.

Unlocking the Power of Collaboration

These projects exemplify the power of collaboration between state and local governments, as well as regional partnerships. By working together, the state and local communities are able to identify and address the specific needs of their regions, ensuring that the investments made have a tangible impact on the lives of Kentuckians. This collaborative approach is a hallmark of the state's economic development strategy, and it is yielding tangible results in the form of new jobs, improved infrastructure, and a more diverse and resilient economy.

Investing in Kentucky's Future

Governor Andy Beshear's administration has made it clear that the KPDI program is a key component of the state's long-term economic success. By funding critical site and building upgrades, the state is positioning Kentucky to attract high-quality businesses and generate well-paying jobs for families across the Commonwealth. This investment in the state's industrial heartland is a testament to the administration's commitment to fostering sustainable economic growth and improving the quality of life for all Kentuckians.