Kentucky Launches New Product Development Initiative With the Help of Site Selection Group
by Tristan Tanner, on Apr 29, 2019 3:24:12 PM
The Kentucky Cabinet for Economic Development, in partnership with the Kentucky Association for Economic Development, has initiated an effort to create more competitive industrial sites. As companies’ deadlines to make location decisions get tighter and tighter, Kentucky has engaged Site Selection Group to advise on product development efforts.
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.
Site Selection Group will leverage their corporate site selection experience to ensure product development funds are spent wisely. PDI will supplement local investment to address a shortage of top quality locations in the commonwealth. Grants may be awarded for utility infrastructure upgrades, property acquisition, facility enhancement or the diligence necessary to prepare sites and buildings for investment.
Projects seeking assistance of up to $500,000 may be considered for an award via a competitive application process and scored according to marketability.
“Kentucky’s Product Development Initiative is further proof that the commonwealth takes economic development very seriously,” said Josh Bays, Partner at Site Selection Group. “We have full confidence that this program will elevate Kentucky’s competitiveness for corporate investment. We are honored to assist in this exciting effort.”
Funding for the procurement of consultant services was provided by a coalition of KAED members, anchored by Kentucky’s utility companies.
Communities not selected for awards will receive an analytical report provided by Site Selection Group and will receive feedback on how to better prepare for future funding opportunities.
Site Selection Group Partner Josh Bays and Vice President Beth Land will be on-site at the KAED Collaboration Conference on May 20-21 in Somerset to discuss the Product Development Initiative and community application process.
Original article posted here.
About The Kentucky Cabinet for Economic Development
The Kentucky Cabinet for Economic Development is the primary state agency responsible for encouraging new jobs and investment in the state. New capital investment announced in Kentucky under the Bevin Administration has totaled more than $19 billion, spurring nearly 52,000 projected new jobs. Information on available industrial properties, workforce development assistance, incentive programs, community profiles, small business development and other economic development resources is available at www.ThinkKentucky.com.
About Site Selection Group
Site Selection Group LLC is a leading, independent location advisory, economic incentive and corporate real estate services firm providing solutions to corporations and communities across the world. Site Selection Group offers four core services to our customers: Location Advisory, Corporate Real Estate, Economic Incentive and Economic Development Consulting Services. Site Selection Group's mission is to align the needs of corporations with the optimal locations in order to provide the absolute maximum economic benefit. For more information, visit: www.siteselectiongroup.com.
