$500,000 grant will be used for SPEDA Commerce Park entrance
The Somerset-Pulaski Economic Development Authority (SPEDA) announced today it has been approved for a second round of Kentucky Product Development Initiative (KPDI) grant funding to complete road improvements at SPEDA Commerce Park.
SPEDA Commerce Park was one of 13 site and building development projects across the state to receive approval. SPEDA will receive $500,000 in this second round, which will help build a new intersection at the park entrance on Ky. 80 as required by the Kentucky Transportation Cabinet. In July of last year, SPEDA received $1.58 million in the first round of KPDI funding that is being used to develop park sites to meet build-ready standards.
Formerly known as the Garner property in the Pine Hill and Barnesburg Road area, SPEDA Commerce Park is a state-certified build-ready development. A build-ready site allows companies to bypass much of the red tape required when establishing a new location by addressing needs and concerns before they arise. It also allows for quick decision site selection.
SPEDA Commerce Park’s first tenant, the Kentucky National Guard, announced its intentions in 2020 to build a new regional readiness center and field maintenance shop on 18 acres. Since then, SPEDA has sold 11 acres at the park to a private developer who intends to build a large-scale commercial and retail complex facing Ky. 80 and has started marketing its remaining sites.
Complemented by a $70 million federal road project that includes a cloverleaf intersection at Ky. 461 and Ky. 80 and expanded four-lane road access — as well as the park’s adjacency to Valley Oak Commerce Complex — SPEDA Commerce Park has the potential to make eastern Pulaski County an epicenter for manufacturing, industrial, commercial and retail development in the Lake Cumberland region, SPEDA President and CEO Chris Girdler said.
“We are so grateful to receive this second round of state funding for a project we think will completely transform our region,” Girdler said. “We are making up for lost time, as it has been well over 20 years since an industrial park was built in Pulaski County, and the KPDI grant program has been critical in helping us do so. Offering certified build-ready sites provides incredible speed-to-market potential for prospective buyers. We continue to aggressively pursue any and all grant opportunities that will help us provide programs and create opportunities for our community.”
KPDI was established in 2022 and builds on the Commonwealth’s dedicated effort to develop land and buildings in communities statewide to support new, well-paying jobs for Kentuckians and continued economic growth.
A collaboration between the Kentucky Cabinet for Economic Development and the Kentucky Association for Economic Development, KPDI includes $100 million in state funding toward upgrades of sites and buildings across the state. Through a competitive application process, each of the 120 Kentucky counties is eligible for a maximum funding amount calculated based on population, with a maximum of $2 million per county per project.
Applications are first evaluated by an independent consultant based upon all facets a prospective company would consider, from workforce availability, access to all infrastructure and detailed information on costs associated with development. In turn, these projects will increase economic development opportunities and job creation for Kentucky residents.
Round 1 of the program concluded in December 2023, with 53 projects statewide approved for $31.2 million in funding. Including local contributions, these projects are generating over $123 million in investments in Kentucky’s sites and buildings portfolio.
In December, Gov. Andy Beshear announced 46 site and building development projects in 45 counties advanced to the due diligence stage of round two for further review, with $68.8 million available to support the projects.
For more information on KPDI, visit kpdi.ky.gov. To follow SPEDA Commerce Park’s progress, follow SPEDA on Facebook, LinkedIn and X, or visit somersetkyleads.com.