Governor Andy Beshear announced Tuesday that leaders in Eddyville will move forward with upgrades to the Eddyville Industrial Park as the result of a long-term development plan to create a rail-served industrial park.
The governor said as economic growth continues across Kentucky, we must ensure our communities are ready for new business by taking proactive measures like infrastructure investment. He congratulated the local leadership in Eddyville for their efforts to continue providing jobs in the region.
According to the governor’s office, the development project at Eddyville Industrial Park is designed to bring in new, large-scale companies and encourage smaller-scale industrial growth, both of which state officials say will greatly benefit the community as it prepares for the future. The proposed updates will expand the park through the construction of new building pads and utility extension plans to create a premier rail-served industrial park, which officials indicate positions Kentucky to attract even more large-scale investments.
State officials added the Lyon County location was selected for funding through the Product Development Initiative (PDI) in 2020. PDI was created through a partnership between the Kentucky Cabinet for Economic Development and the Kentucky Association for Economic Development to provide competitive grants to state economic development organizations and local governments to supplement site and building improvement projects. PDI aims to create jobs and corporate investment by enhancing the quality and quantity of Kentucky’s available sites and buildings, as well as encouraging collaboration among Kentucky economic developers and stakeholders with an emphasis on speed-to-market to help new and expanding businesses quickly find suitable locations in the commonwealth.
Eddyville Riverport and Industrial Development Authority Board Chair Billy Ray Coursey says the investment in a build-ready site with high accessibility to rail, river, and road, is a big win for the community.
Lyon County Judge-Executive Wade White also expressed his gratitude for the PDI program and the impact it has on rural communities like Eddyville, and Eddyville Mayor John Choat also shared his excitement to expand on the local efforts already made to the park to attract new projects to the area.
Lake Barkley Partnership for Economic Development Executive Director Amanda Davenport said winning a PDI grant to construct a building pad shows the community leaders are serious about bringing in new opportunities and investments.
To encourage future investment and location of an economic development project, officials said the Kentucky Economic Development Finance Authority approved a grant agreement in October with Eddyville Riverport and Industrial Development under the Economic Development Fund program. The grant agreement may provide up to $75,000 in funding on a reimbursement basis based on the project investment of $179,895.
