The South Western Kentucky Economic Development Council announced on Monday it is awaiting word from the Tennessee Valley Authority in regards to a pair of applications for InvestPrep grants — which, if awarded, would help with the construction of a 100,000 square-foot spec building for the I-24 Business Park in Cadiz, and with planned improvements to the entry way of Commerce Park I in Hopkinsville.
Carter Hendricks, SWK EDC executive director, said he expects news on the grants later this week — in what is a continued push for “22nd Century Industrial Parks” near the Highway 68/80 four-lane and I-24 corridor.
Pad-ready and prepped for construction since a grant award in 2016, the proposed spec building in Cadiz would be located across from Transcraft and quite similar to the up-and-coming 100,000 square-foot property along Frank Yost Lane at Commerce Park I in Hopkinsville — with hopes of alluring a distributor, manufacturer, aerospace & defense contractor, agricultural or automotive outfitter to the location.
Hendricks tied the two projects to the continued renewal of the job market in Trigg, Christian and Todd counties following the return to work in a post-COVID world. He specifically referenced low local unemployment numbers for the month of April — 4.2% in Trigg, 4.3% in Christian and 2.9% in Todd — while noting the better focus for the region moving forward would be “labor force participation rate.”
And two new projects in the industrial sector could be the needed antidote.
Tom Sholar, of the West Kentucky Workforce Investment Board, reported more than 350 people attended the “ComeBack Job Fair” held in Hopkinsville on June 17 for nearly 2,000 job openings with 75 local and regional companies — perhaps another inclination the market is on the rebound.
By the end of April, Kentucky’s unemployment rate stood at 4.7%, while the nation’s unemployment rate held at 6.1% — both higher than the regional average of 3.8%.
For more information about SWK EDC projects and properties, visit https://southwesternky.com/.
In other news:
— The SWK EDC unanimously approved a 2021-22 line-item operating budget for $577,450, which is a shade north of the approved 2020-21 budget of $542,471. Hendricks noted it would be wise to maintain a cautious, conservative approach to future expenditures in the next fiscal year, despite the region emerging from COVID-19 concerns and businesses reopening.
— Hendricks also showcased a slideshow prepared for the Bradford Square Mall property on Fort Campbell Boulevard in Hopkinsville, in which the SWK EDC boasts the location could still be used for retail, but could also be used for distribution or other working space. There’s more than 290,000 square feet available for development, plenty of parking, it’s located in the center of the Hopkinsville business district, and it’s co-located with Hopkinsville’s movie theater.
What are TVA InvestPrep grants?
According to the Tennessee Valley Authority, “InvestPrep” grants are specifically match-based funds used to “attract new companies — resulting in more jobs and investments in the Valley.”
“We are committed to serving our communities and corporate citizens to help them achieve lasting success in our dynamic, prosperous region,” the TVA states. “Working in concert with our partners — regional, state and community organizations — we offer site selection services, incentives, research and technical assistance to help companies locate, stay and expand existing operations in the Tennessee Valley.”
