FRANKFORT, Ky. (WMDJ) — Floyd County is set to receive $750,000 in state funding to support a potential economic development project near Allen.
Gov. Andy Beshear announced Thursday that the funding was approved through Kentucky's Product Development Initiative (KPDI), a program designed to help communities prepare sites for future business investment and job creation.
According to the governor's office, the Floyd County Fiscal Court is considering the purchase of the Allen Rail Site near the city of Allen. The property includes approximately 30 acres for development and has been identified by an independent site selection consultant as having strong potential for future economic development.
The overall project is estimated to cost $1.5 million, with the state providing half of that amount through the KPDI program.
State officials said the funding will help position the property for future investment opportunities and support long-term job growth in the region.
The Kentucky Product Development Initiative provides funding for site and building improvements aimed at attracting businesses and creating well-paying jobs across the commonwealth.
