The City of Richmond received a large grant this past Friday as part of their new Kentucky Product Development Initiative. The award, from the Kentucky Association of Economic Development, totals $300,000.
The Product Development Initiative grant program’s objective is to promote corporate investment and job growth across Kentucky by providing monetary assistance to qualified applicants to create more competitive sites and buildings.
Richmond Industrial Development Corporation Executive Director David Stipes noted, “This is an exciting opportunity to enhance the marketability of the 21-acre site. This project, when completed, will help attract potential prospects who are searching for a new plant site that can be developed rapidly.”
The City of Richmond has pledged an additional $300,000 as part of the grant requirements, resulting in a total of $600,000 that will be used to prepare the 21 acres for site readiness in Richmond’s Industrial Park 3.
“This is another example of David Stipes and our RIDC board doing the leg work and being persistent with opportunities for our Industrial Park Development,” said Richmond City Manager Rob Minerich.
The application process consisted of 47 grant applications from communities across the state, which were narrowed down to 23 site visits by the Site Selection Group, and a final 9 sites recommended for grant funding.
The City of Richmond would like to thank the following organizations for their participation in the site visit that was held in October: Bluegrass Community and Technical College, Eastern Kentucky University, Richmond Industrial Development Corporation, Richmond Utilities, Kentucky Utilities, Bluegrass Energy, East Kentucky Power, Delta Gas, Kentucky River Foothills, and Kentucky Association for Economic Development.