Thursday, the Kentucky Product Development Initiative approved $2 million in state funding to support site and building development projects in Boone County.
The initiative is overseen by the Cabinet for Economic Development. It provides funding for local communities to further invest in site and building upgrades to support future well-paying jobs and economic growth across the commonwealth.
The first round of this initiative ended in December of 2023, with 53 projects statewide approved for $31.2 million in funding. Round 2 of the program has seen almost $29.9 million in state funding.
The Boone County Fiscal Court and the Kenton County Airport Board will put this money toward developing CVG Site 7 at the Cincinnati/Northern Kentucky International Airport to attract and accommodate future industrial and manufacturing companies.
“The Kentucky Product Development Initiative is paving the way for the commonwealth’s long-term economic success,” said Gov. Andy Beshear in a press release. “I am thrilled to see round two of the program provide support for Adair and Boone counties, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses, which in turn will help these communities grow and thrive.”
The site and building development projects 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.