Montgomery County court approves resolution to pursue $2M state grant for Walters Industrial Park, seeks $120K local match

Montgomery County Fiscal Court voted June 17 to authorize the county to serve as grantee for a recommended $2,000,000 award from the Kentucky Product Development Initiative (KPD) to support development of the Walters Industrial Park.

Jason Rainey of the county’s Industrial Authority told the court the county purchased the Walters property in May 2024 and has secured earlier awards, including a $2,000,000 KPD award and a $100,000 Opportunity Kentucky grant. Rainey said the KPD award under consideration would fund site-preparation work (water, sewer, roads and other infrastructure) and that the overall development program could require additional grants and local matching funds to reach the full build-out.

Rainey said the local match for the most recent packet is $400,000, and he asked the court to consider contributing $120,000 toward that match so the project can proceed to engineering and permitting. “We were notified that we have been recommended for that $2,000,000 through the Kentucky Product Development Initiative,” Rainey said. He also noted the authority is preparing engineering bids and expects to begin the engineering phase within three to four months.

Commissioners asked about the scope of phase 1. Rainey said phase 1 focuses on the front half of the site that faces Williamsville Road and that some other federal funding sources could allow work to start on the back portion of the site on a case-by-case basis. He described the plan as phased so the site can be turnkey for prospective industrial tenants.

The court passed a resolution authorizing the county to serve as grantee and approved a memorandum of understanding with the Mount Sterling–Montgomery County Industrial Development Authority to administer the grant packet to the Kentucky Economic Development Finance Authority (KEDFA) for final action. The resolution and MOU were approved by voice vote; the court’s chair recorded ayes and one dissenting “no.”

Rainey and other presenters estimated long-term economic benefits from a developed industrial park but did not present a finalized tax-revenue projection in the meeting packet. County officials said additional grant applications remain pending to secure the full site-preparation budget. The resolution moves the county’s portion of the application forward to the KEDFA board for final approval.

The court’s action tonight is procedural: it authorizes the county to accept and administer the KPD award if the KEDFA board formally approves the grant at its meeting. The MOU and resolution are intended to complete the packet required for KEDFA review.