Boone County approved two fiscal court resolutions regarding state funding for a set of infrastructure projects at the Cincinnati/Northern Kentucky International Airport.
The first project is CVG’s Hangar Row project, which CEO Candace McGraw described as a dedicated area tailored to maintaining and upgrading aircraft. Hanger Row is being developed on acreage on the southwest side of the airport’s campus.
The second project involves developing CVG Site 7 into an area that can attract and accommodate future industrial and manufacturing companies.
Boone County Judge/Executive Gary Moore said the money must be invested in the infrastructure of both sites.
“So it’s gonna go into grading, roads, water, sewer to prep the site for future economic development,” Moore said.
Boone County Administrator Matthew Webster noted that projects would each receive around $2 million in funding.
Webster explained that the fiscal court acts as the awardee of the funds. Therefore, the county was required to be the applicant for the funding. The money flows from the awardee to the subrecipient, which in both cases is CVG.
“Both of these projects had previously been presented to the fiscal court with public hearings,” Webster said. “The court approved resolutions supporting our application for both.”
The state of Kentucky first announced the funding in a press release from the governor’s office on June 27. Boone County conducted two votes of approval on Tuesday, July 9.
The Cabinet for Economic Development oversees the Kentucky Product Development Initiative. 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 state.
An independent consultant first evaluates the site and building development projects based on all the facets a prospective company would consider, including workforce availability, access to all infrastructure, and detailed information on costs associated with development.
“We’re very pleased that both these applications have been approved by the state KEDFA board,” Webster said. “The agreements approved tonight would allow us to draw those funds down from the state, then in turn, remit them to CVG to further their efforts on these two projects.”
