IDA responds to recent funding announcement

In an update to a news story we first brought to you late last month, the Russell County Industrial Development Authority recently received grant funding through the Kentucky Product Development Initiative program to extend a road through the Lake Cumberland Regional Industrial Complex Site 1 Park off French Valley Road.

The over $970,000 project was approved for nearly $440,000 in state funds to help support the development.

Back in 2020, the RCIDA acquired an additional 48.5 acres to expand the site. The new road will improve access and make the additional acreage more suitable to potential manufacturing site selectors, according to Lucas Witt of MWM Consulting, who works with the local IDA.

Witt said the joint investment with the state will allow the IDA to expand upon the current road infrastructure and accommodate future industrial users who wish to locate their facility on the back portion of the property.

The KPDI program was established in 2022 and builds on the state’s growing effort to develop land and buildings in local communities to support new, well-paying jobs and economic growth across Kentucky.

Construction of the road is expected to begin this year, but a completion date has not been determined.