Richmond commission approves $2 million KPDI grant application and 20% local match

The Richmond City Board of Commissioners on July 14 approved Order 26-112 to pursue a $2,000,000 Kentucky Product Development Initiative (KPDI) grant and to serve as the local grantee, with a required 20% local match. City Manager (name not specified in the record) told commissioners the match would likely be taken from the city’s capital projects fund and that the funds are intended to support build-ready work in the new 189-acre industrial park.

"The money awarded to Richmond for the KPDI application is $2,000,000. It requires a 20% local match," the city manager said during the reading of the order. He told the commission the city has used similar programs in the past to create build-ready sites and purchase property for industrial development.

The order directs the economic development department to serve as grantee during local administration of the grant and makes participation conditional on approval by the Kentucky Economic Development Finance Authority and related state approvals. Commissioners asked procedural questions about how the local match would be sourced; the city manager said the capital projects fund is the anticipated source and that the participation agreement is contingent on subsequent state approvals.

The commission approved the order by voice vote without recorded opposition. The next steps are for city staff to complete the grant application and coordinate required administrative steps with the Richmond Industrial Development Corporation and state agencies.