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The Kentucky Cabinet for Economic Development, in partnership with the Kentucky Association for Economic Development, has initiated an effort to create more ideal sites that allow companies to locate in Kentucky and begin construction immediately.
Kentucky’s new Product Development Initiative (PDI) is an investment program through which up to $6 million may be available to Kentucky economic development organizations and local governments via grant awards to supplement their site or building improvement projects. Additional funding may be available in the future, depending on the availability of state funds.
Grants may be awarded for utility infrastructure upgrades, property acquisition, facility enhancement or the diligence necessary to prepare sites and buildings for investment.The initiative will enhance quantity and quality of Kentucky’s available sites and buildings, address lack of capital in a market and will encourage collaboration among Kentucky economic developers and stakeholders in an effort to help new and expanding businesses find a suitable location more quickly.
Projects seeking assistance of up to $500,000 may be considered for an award via a competitive application process and scored according to marketability. Dallas-based Site Selection Group has been identified to perform the assessments for the Product Development Initiative.
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