Funding will cover due diligence work as community seeks to establish new industrial park
FRANKFORT, Ky. (Feb. 8, 2024) – Today, Gov. Andy Beshear announced further investment in Team Kentucky’s site and building development efforts with Knox County receiving approval for a $250,000 grant to conduct due diligence as community leaders explore options to establish a new industrial park.
“Site and building development are crucial to Kentucky’s ability to attract new business and industry,” said Gov. Beshear. “When communities like this one in Knox County commit to building that infrastructure, we see growth and progress in the state. I want to congratulate Knox County on this grant and look forward to working with the community as they conduct due diligence on the site.”
The Knox County Industrial Authority is seeking to purchase approximately 1,550 acres with plans to develop a new business park. With the Southern Kentucky Business Park nearing full capacity, it is vital for the community to establish a new park to recruit business and industry to the region. The new project was approved for a $250,000 grant during last week’s Kentucky Economic Development Finance Authority meeting. Knox County Fiscal Court will contribute an additional $6,800 toward the project to conduct due diligence at the site.
Knox County Judge/Executive Mike Mitchell thanked the partnerships that have made the project possible: “We are extremely excited to see this project moving forward. This potential industrial park is something we have been working on since the beginning of my first term as judge/executive. The future Knox County Industrial Park will have a generational impact on Knox and surrounding counties. It is our hope to create a better quality of life for the residents of Knox County, and we are excited to get this project started. Projects of this magnitude require support from all our community partners. I’d like to thank my staff and Bruce Carpenter, executive director, Southern Kentucky Economic Development Agency. They have worked tirelessly to make this project a reality. At the state level, Rep. Tom Odell Smith has been a strong advocate for this project. Senate President Stivers and Gov. Beshear have both shown unwavering support. Congressman Hal Rogers has continued to be a constant in supporting economic growth in our region.”
Bruce Carpenter, executive director of Southern Kentucky Economic Development Agency, mentioned the need for a new business park: “I am both pleased and grateful to the KEDFA board for approval for a grant to complete due diligence studies on a potential new industrial park site in Knox County. An additional industrial park is much needed in Knox County to recruit new industry and bring good-paying jobs to our community. Thank you to the KEDFA Board, Secretary Noel and the Cabinet for Economic Development for recognizing the importance and benefit of a new industrial park.”
Investment in site and building development throughout Kentucky builds on the best four-year period for economic growth in state history.
Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30 billion in announced investments, creating more than 51,800 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.
The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.
Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; and INFAC North America’s $53 million investment in Taylor County, among others.
The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.
Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody’s Investors Service upgraded Kentucky’s credit outlook from stable to positive.
Site Selection magazine placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.
Gov. Beshear announced a “Supply Kentucky” initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.
To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) last week approved a KEDFA grant for Knox County. The grant can provide up to $250,000 based on the Knox County Fiscal Court’s investment of $6,800 and approval through the due diligence stage.
A detailed community profile for Knox County can be viewed here.
Information on Kentucky’s economic development efforts and programs is available at CED.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.
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