Kentucky Power grants $35,375 for Hager Hill Industrial Site development
ASHLAND, Ky. (WTVQ) – The Johnson County Fiscal Court has received $35,275 in funding from an economic development grant from Kentucky Power for improvements to the Hager Hill Industrial Site. The grant is funded through the Kentucky Power Economic Growth Grant (KPEGG) program.
The grant will help with the design and engineering phase of Johnson County’s plan to attain a Build-Ready certification for the site. This certification is a program the Kentucky Cabinet for Economic Development designed to make sites more marketable to prospective businesses. According to Kentucky Power, it serves as proof to a company that unknown obstacles have been removed, the site’s due diligence has been performed and the project implementation timeline has been significantly accelerated.
“One of the most important aspects of economic development is having sites that are ready for companies. The Johnson County work at Hager Hill is an ideal fit for the KPEGG program as one of its major goals is site development,” said Kentucky Power President Brett Mattison. “We commend Johnson County Fiscal 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 helps fund economic development programs or projects that encourage the creation and retention of manufacturing as well as industrial investment and jobs. The program has completed its fourth yearly 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 dollar $1 collected monthly from non-residential customers, company stockholders match the customer contributions dollar for dollar to generate nearly $800,000 annually for investment at the local and regional levels. The program is available in all 20 counties Kentucky Power serves.
Grant applications are reviewed by a committee comprised of employees and delegates of the Kentucky Association of Economic Development and the Kentucky Economic Development Cabinet.
More information can be found at https://kentuckypower.com/development/.