A Boone County site is moving to the due diligence level for review as part of the Kentucky Product Development Initiative (KPDI) program’s current circular, which aims to create ready-to-use sites for businesses to identify or expand.
In the second cycle, $68. 8 million will be available for communities to invest in site and construction improvements.
The KPDI program is a collaboration between the Kentucky Economic Development Cabinet and the Kentucky Economic Development Association, which offers the state potential improvements, ensuring Kentucky can attract developing businesses from all industry sectors.
“We are proud to share that this site in Northern Kentucky has been approved to move to the next stage in the KPDI program,” said BE NKY Growth Partnership CEO Lee Crume. “Having sites ready for corporate location decision-making is critical to our economic development work and continuing to grow our economy and prosperity in Northern Kentucky with good-paying jobs.”
For a 321-acre site in Boone County, funding would help accelerate site preparation and infrastructure work, including on utilities and roadways.
“Once fully developed, this is expected to create more than 2,000 direct and indirect jobs for the region, for an overall annual payroll of $121 million,” said Boone County Judge and Executive Gary Moore. “Moving Northern Kentucky forward is a team effort, and the county is grateful to everyone involved in this process, adding the BE NKY Growth Partnership for leading the application process. “
In total, projects and sites in forty-five Kentucky counties are being evaluated in this second cycle.
Site Selection Group, a third-party, independent consultant, is evaluating all applications and considers factors a prospective company would look into, such as workforce availability, access to all infrastructure, and information on costs associated with development.
The company will review the allocation and complete the maximum level of due diligence in preparation for a recommendation for investment approval through the Kentucky Economic Development Finance Authority (KEDFA) in the coming months.
At the KEDFA meeting earlier this month, the North Cargo Village allocation at Cincinnati/Northern Kentucky International Airport (CVG) gained final approval for $3. 6 million in KPDI funding, and is expected to A total of 14. 7 million dollars is invested in the allocation. filed through the Boone County Fiscal Court, on behalf of the Kenton County Airport Board, was controlled through the BE NKY Growth Partnership and won in Boone, Campbell and Kenton counties.
“We appreciate the paintings of Senator Chris McDaniel and Governor Beshear in the FY22 state budget to expand the KPDI program, both in terms of investment and projects that they can seek and obtain investment from,” Crume added.
BE NKy
See NkyTribune’s article on the announcement of KAED counties here.
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