On Thursday, Governor Andy Beshear announced that six counties, including Hopkins County, will receive over $7 million in state funding to boost Kentucky’s build-ready and job-ready site development to support future investment and job creation.
The Kentucky Product Development Initiative offers funding to local communities to enhance site and building improvements, supporting future job creation and economic growth throughout Kentucky.
The Hopkins County Fiscal Court, on behalf of the Madisonville-Hopkins County Economic Development Corporation, will conduct a due diligence study on an industrial site in Hopkins County, with the Corporation providing a 15% match to the Kentucky Product Development Initiative funding.
According to Beshear’s administration, $35 million is currently available for projects now entering the due diligence stage of the latest Kentucky Product Development Initiative round, following independent review by a site selection consultant. He said the Cabinet for Economic Development will consider each project, with final funding decisions expected in the coming months. He noted that 25 counties are moving on the the due diligence stage, and the projects announced on Thursday are the first approval.
To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 million in funding for the initiative.
