Cabinet for Economic Development
Governor Beshear Announces More Than 200 Companies Approved Through New Economic Development Incentive Programs
Active projects could result in 11,466 new jobs, 4,820 saved jobs and more than $1.8 billion in investment across Kentucky
FRANKFORT, Ky. (Oct. 28, 2010) –Gov. Steve Beshear today announced more than 200 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 211 projects receiving preliminary approval by the Kentucky Economic Development Finance Authority (KEDFA) for one or more of the INK-related programs, 206 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 $1.8 billion across the Commonwealth and could create 11,466 jobs, while helping to retain an additional 4,820 existing Kentucky jobs.
“The incentives are part of an overall strategy to become a true partner with companies, ultimately positioning Kentucky for future growth and saving existing jobs,” said Gov. Beshear. “The strategy is already paying off, as demonstrated in the numerous location, expansion and reinvestment projects recently announced and on the horizon.”
KEDFA, the board responsible for approving incentive packages for companies considering locating or expanding in Kentucky, surpassed the 200-company milestone at its October board meeting today. The 211 projects preliminarily approved through KBI, KRA or KEIA represent a more than 59 percent increase in the number of companies receiving preliminarily approval through pre-INK incentive programs in the 16 months prior to the implementation of INK.
“This increase in project activity demonstrates not only that are we climbing 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 extensively researching other states.
Additional information on Kentucky’s economic development efforts and programs is available at www.ThinkKentucky.com.