12 projects approved for $13.5 million in state support.
FRANKFORT, Ky. (Feb. 26, 2026) – Today, Gov. Andy Beshear announced further investment toward the state’s sites and building portfolio as 12 projects in 12 counties were approved for $13.5 million in state funding. These investments will improve Kentucky’s available sites and position communities for future investment and job creation.
“The investment we make now in our speed-to-market initiatives leads to future economic growth and job creation for our communities,” said Gov. Beshear. “Kentucky’s long-term economic success is fueled by the growth of our site and building development programs, and this groundwork further establishes the commonwealth as one of the most business-friendly states for prospective companies. I want to congratulate these 12 communities on today’s approvals and look forward to seeing the future business they attract.”
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 the commonwealth. This month’s approvals include projects that will receive funding through the KPDI Program of 2024, as well as projects that will benefit from recaptured funds tied to the KPDI Program of 2022.
Approved projects include:
The Gallatin County Fiscal Court is seeking to conduct environmental evaluations, archaeological studies, geotechnical analysis, surveying and related due diligence required to advance the airport property to a higher level or development readiness. The nearly $100,000 project was approved for $85,000 in state funding.
The Gallatin County Fiscal Court is also seeking to direct engineering design, permitting and construction of the water, wastewater and natural gas extensions necessary to support aviation-related, industrial and commercial development of the airport property. The nearly $1.5 million project was approved for over $1.3 million in state funding.
The Madisonville-Hopkins Economic Development Corporation is seeking additional funding to advance the county’s largest shovel-ready site to full Build-Ready status. The $1.5 million project was approved for over $1.3 million in state support.
The Clay County Fiscal Court on behalf of the Elk Hill Regional Industrial Authority is developing road and sewer infrastructure on over 100 acres at the Elk Hill Regional Industrial Park. The project was approved for over $1.3 million in state support.
The Bourbon County-Nicholas County Joint Economic Development Authority is seeking site improvements to the recently established Bourbon County-Nicholas County Regional Industrial Park. The project was approved for $3.3 million in state funding.
The London-Laurel County Economic Development Authority is requesting funds to continue development at the McDaniel Industrial Park, adding a 70,000-square-foot expandable speculative building. The $3.5 million project was approved for $2 million in state funding.
The Monroe County Industrial Development Authority is seeking to transition recently purchased property that has long been used for agriculture use to industrial readiness in order to attract future private-sector investment. The project was approved for $150,000 in state funding.
Clinton County Industrial Development Authority’s due diligence funds will be used to conduct an environmental site assessment and geotechnical study of land being considered for purchase. The study was approved for $14,750 in state support.
The Richmond Industrial Development Corp. is requesting assistance in providing an entryway to the property from Duncannon Lane that is sufficient for truck traffic. The project was approved for $249,019 in state support.
The Adair County Fiscal Court on behalf of the Columbia-Adair County Economic Development Authority is seeking to construct a 40,000-square-foot speculative building within its Green River Commerce Park. The nearly $2 million project was approved for just under $1 million in state funding.
The Montgomery County Fiscal Court on behalf of the Mt. Sterling-Montgomery County Industrial Authority is constructing roads for the Walters Industrial Park. The project was approved for $600,000 in state support.
The city of Versailles, in partnership with the Woodford County Fiscal Court on behalf of the Woodford County Economic Development Authority, is seeking funding for the acquisition of property that includes a 17-acre industrial site, a 140,000-square-foot industrial building and a 4,100-square-foot metal building. The $8.5 million project was approved for $2 million in state funding.
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI. The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development. The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months.
Including projects approved today that utilize remaining funds, the two rounds of the previous iteration of the initiative – the KPDI Program of 2022 – have had 96 projects approved statewide for nearly $90 million in funding. Including local contributions, these projects have generated over $512 million in investments in Kentucky’s sites and buildings portfolio.
To date, 51 companies have located on pilot PDI and KPDI funded sites, totaling over $5.7 billion in capital investment and creating over 7,400 new jobs.
The initiative is a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development (KAED). It provides state support for potential upgrades to sites and buildings across the commonwealth to ensure Kentucky remains a prime location for growing companies across all industry sectors.
Terri Bradshaw, president and CEO of KAED, looks forward to the future economic successes these projects will bring: “Strong communities are the foundation of Kentucky’s economic future. KAED is proud to partner with communities across the commonwealth, through KPDI, to support their development goals and empower their vision for growth. I’m thrilled to see these awards announced and look forward to the long-term progress they will help bring to life.”
To date, Gov. Beshear and the Kentucky General Assembly have approved up to $170 million in funding for the initiative.
Site and building development projects are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development.
Learn more about KPDI at kpdi.ky.gov.
Investment in site development throughout Kentucky builds on the best six-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,300 private-sector new-location and expansion projects totaling over $45 billion in announced investments, creating more than 68,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history and $24 billion more than the next highest total.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the battery capital of the United States: AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Ford Motor Co.’s $2 billion, 2,200-job commitment in Louisville, as well as its $2 billion, 2,100-job project at the Kentucky 1 plant in Hardin County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and Toyota’s $1.3 billion investment in Scott County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund. In 2023, Kentucky recorded over 2 million jobs filled for the first time ever and has stayed above that number ever since.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.
Last year, Site Selection magazine ranked Kentucky in the top five nationally and second in the South Central region for economic development projects per capita in its 2024 Governor’s Cup rankings. Site Selection also placed Kentucky second in the South Central region and No. 6 nationally in its 2025 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
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.
Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.
(Scottie Ellis – Office of Governor Andy Beshear)