Governor Andy Beshear highlighted economic development efforts in Hardin County during his Team Kentucky Update Thursday.
The governor announced the latest projects approved for funding from the Kentucky Product Development Initiative, which aims to “boost investment in site and building upgrades to support future, good-paying jobs and economic growth across the commonwealth.”
“Today, we continued investing in those efforts in 11 projects supporting future job growth and investments across 11 counties,” Beshear said. “Those projects were approved for $12.98 million in state funding to improve available sites.”
Included in the approved projects is $2 million for the Elizabethtown-Hardin County Industrial Foundation and the City of Elizabethtown to prepare the Gil Nicely Sr. Industrial Park for future industrial development, with site readiness improvements “including the extension of utilities, roadway access, grading, and other essential infrastructure.”
Beshear also discussed Ford Motor Company’s conversion of the BlueOval SK facility in Glendale to manufacture energy storage systems. Beshear said Ford assumed all of the obligations for the original BlueOval economic development agreement which targeted 5,000 new jobs, but the state and the company agreed on new terms.
“Basically, the changes in the loan agreement itself just gives Ford a little more time, given what happened with the dissolution, but Ford also agrees to put that extra $2 billion in and agrees that it will at least try to reach those 5,000 jobs and pay back a portion of that loan agreement, depending on how many jobs they fall short, on a calendar that has the different timelines for when different thresholds have to be met,” Beshear said.
Ford previously announced a $2 billion investment to convert the Glendale facility, creating at least 2,100 new full-time jobs.
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