Russell County is one of several counties that will receive state funds through the latest round of the Kentucky Product Development Initiative.
The Russell County Fiscal Court, on behalf of the Russell County Industrial Development Authority, is completing due-diligence studies on the Rexroat Property.
The studies will determine the feasibility of the site near French Valley Road and decide whether it should be acquired as an expansion to the Lake Cumberland Regional Industrial Park.
Governor Andy Beshear announced Russell County, along with Laurel, Madison, Monroe, Pendleton, and Scott counties, as well as a regional project in Muhlenberg County, were selected with $8.5 million in funding approved.
The Kentucky Product Development Initiative provides funding for local communities to boost investment in site and building upgrades to support future, well-paying jobs and economic growth across Kentucky.
Currently, $35 million is available for projects entering the due diligence stage in the latest round of KPDI.
The projects have been reviewed by a third-party, independent site selection consultant, which evaluated, scored and submitted project recommendations to the Cabinet for Economic Development.
The cabinet will consider each project and complete the final stage of due diligence for a recommendation of funding approval by the Kentucky Economic Development Finance Authority in the coming months.
