From the Kentucky Legislative Research Commission -
Legislation sponsored by Representative Adam Bowling to promote economic development and job growth across the state passed unanimously on the House floor Monday evening. The measure, HB 745, codifies the existing Kentucky Product Development Initiative (PDI) Program that provides grants to public entities for qualifying development projects into state law.
“This is about making Kentucky a place where businesses want to be,” Bowling said. “By enhancing both the quantity and quality of Kentucky’s available sites, we’re allowing Kentucky to step up and stand out among other potential locations.”
The Kentucky PDI is a pilot program that was created by the Kentucky Association for Economic Development (KAED) in partnership with the Cabinet for Economic Development in 2019 to help ready Kentucky sites for immediate use. The program is a dollar for dollar reimbursement match for improving potential public industrial sites to help attract new businesses to the Commonwealth. Grants are awarded based on projected return on investment, workforce development, and community impact.
“Since it began in 2019, the program has brought in nearly $600 million in new corporate investment for the Commonwealth and has created 470 well-paying jobs,” Bowling added. “This program is not meant to be a quick fix. It is a long term investment toward Kentucky properties to prepare them for immediate use by companies looking to locate or expand their business in our state.”
The House budget, HB 1 HCS, set aside $100 million to the administration of the program.
HB 745 moves to the Senate for consideration.
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