ASHLAND, Ky. (WTVQ) – The Johnson County Tax Court has received funding of $ 35,275 from an economic development grant from Kentucky Power for improvements to the Hager Hill industrial site. The grant is funded by the Kentucky Power Economic Growth Grant (KPEGG) program.
The grant will help the design and engineering phase of Johnson County’s plan to achieve Build-Ready certification for the site. This certification is a Kentucky Cabinet for Economic Development program designed to make sites more marketable for potential businesses. According to Kentucky Power, this proves to a company that unknown roadblocks have been removed, site due diligence has been completed, and the project’s implementation schedule has been sped up significantly.
“One of the most important aspects of economic development is having sites ready for business. Johnson County’s work at Hager Hill is a great fit for the KPEGG program, as one of its primary goals is site development, ”said Kentucky Power President Brett Mattison. “We commend the Johnson County Tax Court for their investment in the project and look forward to working with them to bring investment and jobs to eastern Kentucky. “
The KPEGG program makes it possible to finance economic development programs or projects that encourage the creation and maintenance of manufacturing activities as well as industrial investment and employment. The program has completed its fourth annual cycle. Last year, 19 grants were awarded for economic development efforts in Kentucky Power’s service territory, totaling $ 859,175.
Funding for the program comes from the Kentucky Economic Development Surcharge. Kentucky Power explains that for every $ 1 dollar collected monthly from non-residential customers, the company’s shareholders match customer contributions dollar for dollar to generate nearly $ 800,000 per year for investments at the local and regional levels. The program is available in the 20 counties served by Kentucky Power.
Grant applications are reviewed by a committee made up of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet.
You can find more information at https://kentuckypower.com/development/.