Funds will help accelerate city’s economic development potential.
The city of Richmond is getting a boost to help enhance the community’s growth opportunities. The aid is coming thanks to an Opportunity Kentucky Grant recently awarded to the city by LG&E and KU. The funding will enhance the economic potential of Richmond Industrial Park South III and was celebrated during a recent check presentation.
“The grant funds from LG&E and KU will supplement the costs of a land-grading and build-ready site project in the industrial park,” said David Stipes, executive director of the Richmond Industrial Development Corporation (RIDC). The site-development project is primarily funded through the Kentucky Product Development Initiative (KPDI) program. The additional funding from LG&E and KU will assist the city of Richmond with the local match funding that is required by the KPDI program. “We are extremely excited for this build-ready project because it will help recruit more investment in our community and create more jobs for the people who live here,” said John McPhearson, president of RDIC.
Construction of the 40-plus-acre development project will begin this fall. The build-ready site will help Richmond enhance its potential for new job creation and further support the community’s overall growth opportunities. The development includes constructing new compacted building pads that can accommodate more than 400,000 square feet of factory production. The site is already zoned for industrial use with high-capacity utility access. The site also has railroad access via the CSX main line which runs through the city of Richmond. Competition among communities for large industrial projects is very challenging, and these improvements in the industrial park will make that land more marketable for industrial development.
“LG&E and KU are very proud to partner with the city of Richmond in their efforts to proactively invest in site readiness, and we applaud the Richmond Industrial Development Corporation for its foresight and planning to position the community for continued economic growth,” said John Bevington, director of Business and Economic Development. “The Richmond Industrial Park South III is perfectly situated given the strong logistics, infrastructure and workforce attributes of the area, all within a thriving community with other great corporate neighbors. This project will quicken the development process for any new potential employer and make a high-quality site even more attractive.”
Visit lge-ku.com/economic-development for more information on the Opportunity Kentucky grant and other programs designed to boost business opportunities in the Bluegrass.
