Committee approves a slate of EDF and KPDI projects, including a $1 million forgivable loan for Perry County

The committee approved economic development awards recommended by the Kentucky Economic Development Finance Authority and the Cabinet for Economic Development, including a $1,000,000 forgivable loan to the Perry County Economic Development Board and 11 KPDI EDF grants for infrastructure and site-readiness projects across the state.

Perry County loan: Kylie Palmer, deputy commissioner for the cabinet, described a $1,000,000 forgivable EDF loan to Hazard Perry County Economic Development Alliance to acquire the 42,000-square-foot Coal Fields Industrial Building on about seven acres in the Coalfield Industrial Park. Palmer said the forgivable loan requires no repayments for five years and becomes eligible for forgiveness beginning in year six if at least 75 new jobs are created. "No repayments will be required on this forgivable loan until year 6 of the loan agreement," Palmer said.

KPDI grants and local match: Palmer summarized 11 KPDI EDF projects spanning counties from Graves to Floyd and noted required local match percentages depend on county population and are reviewed every two years; match tiers range from roughly 10% to 20%. She said the projects were scored by an independent site selection consultant and recommended by the secretary; the slate had prior approvals by KEDFA and the State Properties and Buildings Commission.

Funding balance: Palmer provided funding context: roughly $8,000,000 remains under a 2022 appropriation carryforward; under HB 1 (2024) $54.4 million of $70 million has been approved with roughly $15.6 million recommended for remaining rounds.

Questions and follow-up: Representative Stalker asked whether the 75-job forgiveness threshold ties to a minimum salary; Palmer said wage requirements were included in the underlying agreement but not on the board report and she would confirm and share details. The committee then approved the slate by roll call.