FRANKFORT, Ky. (WYMT) – Three projects have been approved for $10.2 million in state funding by the Kentucky Economic Development Finance Authority, officials with Gov. Andy Beshear’s office announced Thursday.

Two counties in eastern Kentucky benefit from this funding.

The Floyd County Fiscal Court, on behalf of the Big Sandy Area Development District, is seeking to purchase a 50-acre tract of land for the purpose of developing the property in the Thunder Ridge Industrial Park. The project will receive a total of $5 million in development funding, including $2 million approved in public funding.

Coal Fields Regional Industrial Authority Inc., on behalf of the City of Hazard, is seeking to construct a secondary water treatment plant and water transmission line in the Coal Field Industrial Park in Perry County. This is a regional project with support from Breathitt, Knott and Perry counties. The total investment for the project is more than $37.7 million, including $4.2 million in state funding.

Funding comes from the Kentucky Product Development Initiative (KPDI), overseen by the Economic Development Cabinet. The initiative provides funding to local communities across the state to increase investments in site and building upgrades to attract future job creation and economic growth.

“When it comes to setting the Commonwealth up for long-term economic success, the KPDI program leads the way,” said Governor Beshear. “I am pleased to see this investment in three other projects across our state, which will fund critical site and building upgrades and improvements. These sites will attract quality businesses. Most importantly: They will generate good-paying jobs for families across Kentucky.

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