The Princeton City Council has agreed to partner with the county to secure key funding for a major expansion at the Industrial Park, with plans underway for both industrial and commercial development projects that could boost the local economy.
At Monday night’s meeting, Judge-Executive Kota Young reported the spec building at Industrial Building No. 4 is on track for completion sometime next month. He said a recent submission to the Economic Development Cabinet has already generated strong interest from potential occupants.
According to Judge Young, the Princeton-Caldwell County Industrial Development Authority already has plans at various stages for sites 5, 6, and 7, with Monday night’s discussion focused mainly on sites 5 and 6.
Young said Industrial Building No. 4 was funded by a Kentucky Product Development Initiative grant, which they secured again this year and are nearing final approval. With a total project cost of $570,000 project, he said plans are in place to prepare a 20-acre site for a future 100,000-square-foot building. He explained the new grant would provide $450,000, while the remaining $120,272 would require a local match split between the county and city.
click to download audioThe Council unanimously approved contributing $60,136 as its share of the matching funds.
Judge Young then outlined plans for Site No. 6, a 16-acre property along U.S. 62 West between the Kentucky Soybean Association and the area near where MJ Latte’s has purchased property, past the T-Mobile location. He described this site as a key piece needed for future commercial development.
click to download audioHe said developing site plans for this commercial property will cost $50,618, with the county and city each covering half of the matching requirement.
click to download audioYoung added that the $450,000 grant for Site No. 5 has freed up additional funds that could be used to move forward with the commercial development site.
click to download audioAfter further discussion, the council approved the 50/50 match of $25,309 for the commercial development site plans, which will also be presented to the fiscal court for approval at its meeting next week.
