FRANKFORT, Ky. — The state approved $750,000 in funding on June 9 for site and building development in Floyd County through the Kentucky Product Development Initiative, continuing the state's investment in infrastructure designed to attract new businesses and jobs across rural Kentucky.

The funding supports the Floyd County Fiscal Court's efforts to purchase and develop the Allen Rail Site near Allen, a property that includes approximately 30 developable acres and has been identified by an independent consultant as having significant potential for industrial development. The $1.5 million project will be split between state support of $750,000 and local contributions.

The Allen Rail Site encompasses 125 acres with property on both sides of railroad tracks, making it a rare commodity in Eastern Kentucky. About one-third of the site features flat land with direct rail access—features that regional leaders say position Floyd County to compete for major industrial projects.

"Laying the groundwork for continued economic momentum and future job opportunities is what separates Kentucky from its competition," Gov. Andy Beshear said in a statement. "Team Kentucky is investing in site and building development projects in every corner of the state."

The KPDI program, a collaboration between the Cabinet for Economic Development and the Kentucky Association for Economic Development, has become a cornerstone of the state's economic strategy. To date, Gov. Beshear and the Kentucky General Assembly have allocated up to $220 million in funding for the initiative.

The results have been substantial. Fifty-one companies have located on pilot KPDI-funded sites, totaling over $5.7 billion in capital investment and creating over 7,400 new jobs. Including projects approved recently, over 151 projects statewide have received more than $147 million in state funding, generating nearly $638 million in total investments when combined with local contributions.

Currently, $35 million remains available for projects entering the due diligence stage in the latest round of KPDI. All projects undergo review by independent site selection consultants who evaluate factors including workforce availability, infrastructure access and development costs.

Terri Bradshaw, president and CEO of KAED, noted the program's importance for rural communities. "KPDI continues to be one of the most important tools Kentucky communities have to prepare for future economic growth and investment," Bradshaw said.