(The Center Square) – Kentucky plans to spend $2 million in taxpayer funds for site development in Campbell County to lure jobs to the area.
The money comes from the Kentucky Product Development Initiative, overseen by the Cabinet for Economic Development. It gives money to communities for site development or building upgrades, hoping for future high-paying jobs and economic growth.
“Site and building development is essential to positioning Kentucky for future economic success,” Gov. Andy Beshear said. “The funding this initiative provides gives communities across the state the opportunities and advantages required to have quality sites and buildings to attract growing companies across all industries.”
Campbell County, directly southeast of Cincinnati along the Ohio River, is the first community to receive funding in the second round of grants. The first round ended in December and included 53 projects statewide and $31.2 million. With local funding added, the total site development investment in round one was $123 million.
During the 2022 legislative session, the General Assembly approved $100 million for the initiative.
Campbell County’s plan is for the fiscal court and the economic progress authority to help buy and develop a speculative site in the southern part of the county.
The total project is expected to cost $4 million.
“We continue to see great things happening through KPDI, and this project is no exception,” Haley McCoy, president and CEO of the Kentucky Association of Economic Development, said. “We are grateful to the Kentucky Legislature and executive branch for understanding the value of investing state resources on statewide economic development at the local level. As Kentucky’s momentum continues, we look forward to seeing good returns from these strategic investments for years to come.”
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking.