City-county partnership recognized for its innovative approach to economic development
The Somerset-Pulaski Economic Development Authority (SPEDA) has been recognized as Business of the Year by the Somerset-Pulaski County Chamber of Commerce.
Nominated in the 2-5 employee category, SPEDA received the honor at the Chamber’s annual banquet and awards ceremony Thursday evening at The Center for Rural Development. The city-county partnership, now entering its fourth year, was selected for its unique and proactive approach to reimagining economic development by focusing on quality of life initiatives.
“We are incredibly honored to be recognized by the Chamber as Business of the Year for our efforts to improve quality of life and the economy in Somerset and Pulaski County,” SPEDA President and CEO Chris Girdler said. “We have had an exceptional three years since being formed, and 2021 was one of the best yet. But we’re just getting started. This is yet more proof our model is working — our efforts are being recognized across the state and nation and we’re seeing tremendous results in the growth of our community.”
SPEDA utilizes industrial recruitment, retail and commercial development, tourism marketing and promotion, education, workforce development, arts and entertainment and community planning to improve quality of life in Somerset, Pulaski County and the Lake Cumberland region. The organization — led by a nine-member board of directors that represents city and county government as well as a variety of economic sectors — embraces the values of boldness, vibrancy, innovation, growth, collaboration and unity to enhance the economic, political and social well-being of the community’s residents.
Through this approach, SPEDA has invigorated the local economy and earned Somerset-Pulaski County a seat at the table in statewide conversations about economic development. In 2021 alone, SPEDA announced more than $300 million in newly committed business development and $30 million in existing business expansion. This included groundbreakings for the community’s first bourbon distillery, Horse Soldier Bourbon, and its first sustainable indoor farm, AppHarvest — both of which received national media attention.
SPEDA has also launched several initiatives that are firsts in Kentucky, including a 501(c)(3) charitable organization that raises money for community projects. In its first endeavor, the SPEDA Community Foundation has raised nearly $200,000 so far for Somerset’s first Veterans Memorial Park, which will be built downtown in 2022.
SPEDA’s team includes Girdler and Chief Accounting Officer Jessica Carlton, both of whom work tirelessly to ensure SPEDA operates smoothly, efficiently and transparently, Board Chair Brook Ping said.
“When the idea of SPEDA was first discussed, so many within the community knew it was something we needed and would have the potential of changing the economic development landscape of our community forever,” Ping said. “But I don’t believe anyone — including myself — had any idea what a tremendous positive impact SPEDA would have in such a short period of time. Chris and Jessica do a phenomenal job of executing our mission of making business about people and I am grateful to the Chamber for recognizing the work of our organization.”