Governor Steve Beshear's Communications Office
Beshear Economic Development Incentive Programs Pave the Way for Potential Investments in Excess of $2 Billion, More Than 13,500 New Jobs
Nearly 230 projects approved for one or more INK programs over past 18 months
FRANKFORT, Ky.– Gov. Steve Beshear today announced nearly 230 companies have received preliminary approval through one or more of Kentucky’s new or expanded economic development incentive programs. The business incentive programs, which include the Kentucky Business Investment Program (KBI), the Kentucky Reinvestment Act (KRA) and the Kentucky Enterprise Initiative Act (KEIA), are a result of Gov. Beshear’s Incentives for a New Kentucky (INK) legislation passed during the 2009 Extraordinary Session of the Kentucky General Assembly.
Of the 229 projects receiving preliminary approval by the Kentucky Economic Development Finance Authority (KEDFA) for one or more of the INK-related programs, 223 are considered active projects that have either announced or are still considering an investment in Kentucky. These active projects represent a potential investment of more than $2 billion across the Commonwealth and could create more than 13,500 jobs, while helping to retain nearly 4,800 existing Kentucky jobs.
“The Incentives for a New Kentucky programs are having a strong impact on our ability to encourage companies to make significant investments in the Commonwealth, as well as create and retain thousands of Kentucky jobs,” said Gov. Beshear. “I am excited about the many projects that we’ve brought to fruition during these difficult economic times and am equally excited about the future possibilities that still exist.”
KEDFA, the board responsible for approving incentive packages for companies considering locating or expanding in Kentucky, surpassed the $2 billion potential investment milestone at its end-of-the-year board meeting last Thursday. The 229 projects preliminarily approved through KBI, KRA or KEIA represent a nearly 53 percent increase in the number of companies receiving preliminary approval through pre-INK incentive programs in the 18 months prior to the implementation of INK.
“This increase in project activity demonstrates not only that we are fighting our way out of this economic recession, but that our ability to make necessary improvements to our economic development toolbox were on target to address the current needs of businesses,” added Gov. Beshear.
Kentucky economic development officials worked with legislators to craft the incentives bill after obtaining the input of local economic development officials, corporate site selection consultants and reviewing competitor state programs.
An online, searchable financial incentives database is available at http://thinkkentucky.com/fireports/fiintro.aspx. Additional information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.