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Greater Paducah Economic Development seeks local backing for $2 million KPDI grant for spec industrial building
Summary
GPED and the Paducah McCracken County Industrial Development Authority asked the city for a local funding commitment to cover the estimated $4.2–5.6 million gap on a proposed 100,000-square-foot speculative industrial building if the state awards a $2 million Kentucky Product Development Initiative (KPDI) grant.
Bruce Wilcox, CEO of the Greater Paducah Economic Development Council and representative of the Paducah-McCracken County Industrial Development Authority, presented a proposal on Feb. 11 seeking local partner commitments to fund a speculative industrial building in Industrial Park West should the community receive a $2 million Kentucky Product Development Initiative (KPDI) award.
Wilcox said KPDI is a statewide program administered by the Kentucky Cabinet for Economic Development that provides competitive funding for site and infrastructure projects. He said Paducah’s maximum county-level award is $2 million and the IDA has submitted an application. The IDA requested a letter or evidence of local willingness to cover the remaining cost if the state award is made.
Wilcox discussed preliminary cost…
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