Funds will be used to further develop SPEDA Commerce Park
The Somerset-Pulaski Economic Development Authority (SPEDA) announced today it will receive $1.58 million in Kentucky Product Development Initiative (KPDI) grant funding to further develop SPEDA Commerce Park.
The KPDI program 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.
KPDI, a collaboration between the Kentucky Cabinet for Economic Development and Kentucky Association for Economic Development (KAED), 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.
To date, 35 site and building development projects statewide have been approved for over $20 million in state funding.
For SPEDA Commerce Park to be selected as one of those projects is a significant accomplishment for the community, SPEDA President and CEO Chris Girdler said. KPDI grant funds will help SPEDA move into Phases 3 through 6 of park development, which includes preparing multiple certified build-ready sites for industrial prospects.
“Somerset and Pulaski County are behind the curve when it comes to developing new, build-ready industrial sites,” Girdler said. “We haven’t developed an industrial or commercial park here since the mid-1990s and as a result, have been limited in the new jobs we can create. SPEDA Commerce Park is going to be a wonderful solution — it will be the engine for tremendous economic growth in eastern Pulaski County once complete. We are grateful to the Kentucky General Assembly and the Kentucky Cabinet for Economic Development for the opportunity to apply for KPDI funds and for their recognition of the need for this project.”
Formerly known as the Garner property in the Pine Hill and Barnesburg Road area, SPEDA Commerce Park is a 142-acre certified build-read development. The park’s first tenant, the Kentucky National Guard, announced in 2020 its intentions 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 received the state’s certified build-ready site designation.
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 the epicenter for manufacturing, industrial, commercial and retail development in the Lake Cumberland region, Girdler said.
KPDI was established last year after the General Assembly approved $100 million in funding for the initiative during its regular 2022 session. 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 generate increased economic development opportunities and job creation for Kentucky residents. KPDI furthers the efforts of the pilot PDI program, which was established in 2019 and provided nearly $7 million in state funding for 20 site and building development projects statewide.
Somerset Mayor Alan Keck said the grant announcement marks a major milestone for SPEDA Commerce Park’s development and for the community.
“This is a huge step forward for the SPEDA Commerce Park project and for Somerset-Pulaski County’s economy,” Keck said. “I am grateful to the Kentucky General Assembly and the Kentucky Cabinet for Economic Development for investing in our community, and to SPEDA’s team for taking the initiative to seek every revenue stream possible to make this park a reality. We’re ready to roll up our sleeves and get to work bringing new industries and jobs to this rapidly growing area of Pulaski County.”
Pulaski County Judge-Executive Marshall Todd said the ability to offer more good-paying jobs in Pulaski County and the region will go a long way in helping alleviate the societal problems and challenges Pulaski Countians face.
“I don’t know if you’ve ever seen the look of accomplishment someone has when they are gainfully employed, but it sure goes a long way in giving them the purpose they need to live complete and productive lives,” Todd said. “This funding provided by the General Assembly will help us continue to make lives better for not just the potential employees that benefit from the SPEDA Commerce Park, but also the surrounding businesses and communities that will see those payroll dollars spent right here in Pulaski County. When one of us does well, we all do well.”
For more information on KPDI, visit kpdi.ky.gov. To follow SPEDA Commerce Park’s progress, follow SPEDA on Facebook @spedaky or visit somersetkyleads.com.