PRESTONSBURG, Ky. (WMDJ) — Floyd and Magoffin counties are set to receive nearly $1.8 million in state funding to support industrial development projects aimed at attracting future business investment and creating jobs.
On Thursday, Gov. Andy Beshear announced funding was approved through the Kentucky Product Development Initiative, which provides state support for site and building development projects across the Commonwealth.
Floyd County was approved for $1.3 million to help acquire the Allen Rail Site near Allen. The property totals about 40 acres, with approximately 30 acres considered developable. Floyd County Fiscal Court is considering purchasing the site as part of future economic development efforts.
Magoffin County was approved for $513,000 to help expand Gifford Industrial Park outside Salyersville. County leaders plan to purchase and develop a 98.4-acre tract across the Mountain Parkway from the existing industrial park after all three lots in the current park were placed under purchase agreement within two years of opening.
State officials announced more than $5.2 million in funding for projects in eight Kentucky counties, including Adair, Ballard, Clinton, Madison, Monroe and Montgomery, in addition to Floyd and Magoffin.
According to the Cabinet for Economic Development, the Kentucky Product Development Initiative helps communities prepare industrial sites to attract private investment and future job growth.
