Governor's Office for Local Development
Princeton-Caldwell County Industrial Development Authority Awarded CEGG Funding

Press Release Date:  Thursday, March 02, 2006  
Contact Information:  Samantha Cook
Public Information Officer

        Governor Ernie Fletcher and the Governor’s Office for Local Development (GOLD) today announced that the Princeton-Caldwell County Industrial Development Authority will receive $138,646 in funding from the Community Economic Growth Grant (CEGG) program.

The fund, which was established during the 2005 General Assembly as HB 267, provides nearly $10 million in grant funds to be allocated during the 2005-2006 biennium.  

“The Community Economic Growth Grant exemplifies what is possible when the Executive Branch and the Legislature work in a bi-partisan manner,” said Governor Ernie Fletcher.  “The infusion of these funds will result in over $99 million in successful projects across the Commonwealth.”

The Princeton-Caldwell County Industrial Development Authority will use the grant dollars for site improvements and the installation of water, sewer and gas lines to serve Hydro Gear Manufacturing. 

Senator Dorsey Ridley (D-Henderson) thanked the Governor for allocating these grant dollars to the economic development project. “I appreciate the Governor’s recognition of this important project. These grant dollars are providing the Caldwell County community with an opportunity to create additional jobs and to invest in a proven corporate citizen such as Hydro Gear.”

Representative Mike Cherry (D-Princeton) said the project has already shown measurable economic impact. “Production at the Hydro Gear facility began in November 2005 and the company has hired 160 employees as of January and plans to hire an additional 40 employees by March 2006. The company has already exceeded their initial employment projections.  I was proud to be involved in this project and appreciate the work of the professionals at GOLD.”

CEGG is administered by the Governor’s Office for Local Development through the Kentucky Community Development Office (KCDO).  The goal of the program is to provide flexible funding to support and encourage the economic growth and viability of communities within the Commonwealth.

Counties, cities, special districts and school districts were eligible to apply for this year’s funding. Monies can be utilized for construction, acquisition of property, equipment purchase, industrial site development, infrastructure and capital improvement projects.