Governor Andy Beshear recently announced that nearly $8.5 million in state funding will support site and building development projects in five counties, along with a regional project in Muhlenberg County supported by Daviess, Hopkins, McLean, and Ohio counties.
The Kentucky Product Development Initiative, or KPDI, provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.
According to Gov. Beshear, the Muhlenberg County Fiscal Court and Paradise Park Regional Industrial Development Authority, with support from Daviess, Hopkins, McLean, Muhlenberg, and Ohio counties, is developing a 25-acre site and building at the Paradise Regional Business Park to accommodate future growth and create new jobs for the area.
Currently, $35 million is available for projects entering the due diligence phase in the latest KPDI round. A third-party consultant has reviewed and recommended these projects to the Cabinet for Economic Development, which will now complete final evaluations before seeking funding approval. Projects in 25 counties are advancing, with the projects announced Thursday marking the second round of approvals.
The 2022 KPDI Program wrapped up earlier this year with 90 statewide projects approved for over $85 million in funding. Combined with local contributions, these projects are driving more than $512 million in investments in Kentucky’s sites and buildings.
The initiative, a partnership between the Cabinet for Economic Development and KAED, supports upgrades to sites and buildings statewide, helping Kentucky stay competitive for growing businesses across all industries.
To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 million in funding for the initiative.
Earlier this year, Gov. Beshear also announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.
To learn more about KPDI, go to kpdi.ky.gov.
