The only county in Kentucky not to have a natural gas supply line is getting one, thanks in part to a $1 million low-interest loan approved by the Kentucky Infrastructure Authority’s (KIA) Gas System Restoration and Development Board.
KIA is attached administratively to the Governor’s Office for Local Development (GOLD) and oversees projects that relate to infrastructure development.
“This is such a big deal for the city of Owenton and the surrounding area in terms of economic development,” said GOLD Commissioner and Board Chairman Darrell Brock. “In fact, the initial purpose of the Gas System Restoration program was to upgrade substandard systems in the interest of safety.
“Now, the funds may be used to extend lines into new service areas for economic development purposes, which is the cornerstone of the Fletcher Administration’s efforts to create job opportunities for Kentuckians,” added Brock.
The loan will enable the city of Owenton to construct a 17-mile supply line and appurtenances to form the basis of a new city-owned gas distribution system.
Eventually, the project will serve the Kentucky Speedway, the Markland Dam area, the city of Carrollton, an industrial park, and provide for residential hook-ups.
The Gas System Restoration and Development program is a revolving loan fund designed to assist local natural gas distribution systems, either public or privately owned. Originally capitalized with a combination of federal and state funds, the program made its first loans in 1980. It now operates entirely on returned principal and interest payments, which determine the amount available for lending at a given time.