Caldwell County industrial site receives state funding for future development
FOX23 News at 9 p.m.
PRINCETON, Ky. (KBSI) – A Caldwell County industrial development project has been approved for state funding to help prepare land for future business investment.
According to the Kentucky Cabinet for Economic Development, the Princeton-Caldwell County Industrial Development Authority received approval for $90,000 through the Kentucky Product Development Initiative.
The funding will support preliminary development work on an approximately 19-acre, previously undeveloped property at the PCCIDA Industrial Park in Princeton.
Once the project is completed, the site is expected to be qualified as Build-Ready and capable of supporting construction of an industrial facility of up to 100,000 square feet.
The funding was included in an April 30 announcement by Gov. Andy Beshear’s office, which outlined nearly $13 million in approved state funding for 11 site development projects across Kentucky.
The Kentucky Product Development Initiative provides financial assistance to communities seeking to improve industrial sites and buildings to attract businesses and encourage job creation.
The program is a partnership between the Kentucky Cabinet for Economic Development and the Kentucky Association for Economic Development.
Kentucky is also preparing for the next phase of the federal Opportunity Zone program, which provides tax incentives for qualifying investments in designated communities.
According to the Kentucky Cabinet for Economic Development, Opportunity Zones 2.0 will establish a new cycle of designated census tracts beginning Jan. 1, 2027.
The updated program includes additional incentives for qualifying rural investments and revised eligibility requirements intended to direct investment toward economically distressed communities.
State officials say the program is designed to encourage private investment and support long-term economic development.
Additional information about the Kentucky Product Development Initiative and Opportunity Zones 2.0 is available through the Kentucky Cabinet for Economic Development at newkentuckyhome.ky.gov.
