The Cadiz-Trigg County Industrial Development Authority received confirming news Tuesday morning, when Governor Andy Beshear announced the approval of a $500,000 grant necessary for the start of I-24 Business Park upgrades costing $3.5 million.
Courtesy of the recently passed HB 745, the grant comes from the Commonwealth’s “Product Development Initiative” program — which has the full financial structure to assist site selection and building development initiatives across the state.
In February 2001, the Cadiz-Trigg County IDA purchased 100 acres along US 68/80 to develop industry and commerce in the region, and particularly to entice manufacturing jobs to land in the area.
The grant and local cash match will officially start the construction of a 100,000-square-foot speculative building that will be expandable to 200,000 square feet on a 15-acre and certified build-ready pad site.
In a written statement to Beshear and the public, Judge-Executive Hollis Alexander said the IDA and Trigg County Fiscal Court are pleased about this grant opportunity, because officials “believe in the future” of the local community — with more jobs and opportunities coming for residents.
Cadiz Mayor Todd King also noted he was “appreciative” of the Trigg County Industrial Foundation’s “forward-thinking” decision to construct this building — and that there’s brimming excitement for continued economic development efforts.
During Monday’s South Western Kentucky Economic Development Council meeting in Hopkinsville, Executive Director Carter Hendricks mentioned that a groundbreaking for the site will be at 11 AM, November 30. Hendricks said then that the construction will come at the benefit and provisions of two grants: one from TVA, and one from the Cabinet for Economic Development grant.
This is that grant from the Cabinet, and Hendricks further noted that a competitive economic development environment that values “speed-to-market” opportunities is imperative, and that the SWK EDC is already working with local and regional partners to recruit “the next awesome company to take advantage” of the location — which offers a strong workforce, amazing quality of life, and low cost of living.
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