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 round two, $68.8 million is available for communities to invest in site and building upgrades.
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 announce that this Northern Kentucky site has been approved to advance to the next level of the KPDI program,” said Lee Crume, CEO of BE NKY Growth Partnership. “Having sites in a position to make business location decisions is critical to our economic progress and continuing to grow our economy and prosperity in Northern Kentucky with good-paying jobs. “
For a 321-acre site in Boone County, the investment would accelerate site preparation and infrastructure work, adding utilities and roads.
“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, an independent third-party consultant, evaluates all programs and takes into account points that a prospective company would consider, such as availability, access to all infrastructure, and development-related pricing data.
Company officials will review the task and complete the maximum level of due diligence in preparation for an investment approval recommendation through the Kentucky Economic Development Finance Authority (KEDFA) in the coming months.
Earlier this month at the KEDFA meeting, the North Cargo Village Project at Cincinnati/Northern Kentucky International Airport (CVG) received final approval of $3.6 million in KPDI funds with a total of $14.7 million expected to be invested in the project. This application submitted by Boone County Fiscal Court, on behalf of the Kenton County Airport Board, was managed by BE NKY Growth Partnership and received support from 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 KAED Counties announcement here.
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