Winchester, Versailles receive Opportunity Kentucky grants from LG&E and KU.
Recently, LG&E and KU awarded two Opportunity Kentucky grants that will help communities develop industrial sites to attract new business and spur economic growth.
One grant provided $100,000 to the Winchester-Clark County Industrial Development Authority (WCCIDA) to assist with grading a sloped, 70-acre site. With grading, this rectangular, rail-served site becomes useful and even more attractive for industrial development.
The city of Versailles recently received an LG&E and KU Opportunity Kentucky grant to prepare a 400-acre site for economic development. Those participating in the ceremonial check presentation include (left to right) Lucas Witt, Co-Founder and Partner of MWM Consulting; County Judge Executive James Kay; Versailles Mayor Brian Traugott; Susan Emery, Economic Development project manager III; and Daniel Lowry, media relations manager.
Watch the check presentations in Versailles and Winchester to learn more about how grant dollars will be used for economic development efforts in those areas.
“We just want LG&E and KU to know how much we appreciate their involvement and their support in what we’re trying to do here,” said Brad Sowden, executive director of WCCIDA. “These types of grants help us offset the cost to create more product, which hopefully will recruit more investment in our community and create more jobs for the people who live here.”
In Versailles, LG&E and KU provided $250,000 in funding to help the community purchase 118-acres of a 400-acre farm on Lexington Road. More than a fourth of the 400 acres are zoned for industrial use, and the site has railroad access.
Officials in Woodford County believe the grant will have tremendous impact on the area’s economy.
“We anticipate having all 118 acres (of the industrial-zoned section) sold in five years,” said Versailles Mayor Brian Traugott.
“When the City of Versailles and Woodford County work with our partners like KU, big things can happen,” said Woodford County Judge Executive James Kay. “Big things get done, and the citizens ultimately are the ones who benefit the most.” He added that occupational taxes generated by jobs in Versailles and Woodford County help pay for public services for people living there.
Lucas Witt, an economic development professional involved in the project, described LG&E and KU’s Opportunity Kentucky Grant program as “forward-thinking” and said it allows communities to apply for funding to grow and attract industry.
LG&E and KU created the Opportunity Kentucky grant program to help communities access funding from the state for site development, through the Kentucky Product Development Initiative, and to help communities close deals. The grant is designed to mitigate site inventory challenges with strategic investments to enhance quantity and quality of product. The goal is to address a lack of capital in the market and to encourage collaboration among Kentucky economic developers and stakeholders.
Susan Emery, Economic Development project manager said the most rewarding facet is seeing local growth. “When we see new business or business expansion come to the area and increase economic development opportunities and new jobs, that is a win-win for Kentucky and for us,” she said.
Since the LG&E and KU Opportunity Kentucky grant program began in 2021, 20 partnerships have been completed, providing more than $1.7 million in matching grants.
