Governor’s office announces approval of funds that will help make new spec building in Corbin a reality

Thanks to the approval of $1.9 million in state funding, Corbin is about to get a brand-new spec building that, upon completion, will cover 105,000 square feet in the Southern Kentucky Business Park.

In March, Southern Kentucky Economic Development Director Bruce Carpenter informed the Corbin City Commission of his intention to pursue special funding that would help pay for the construction of the new spec building, which is essentially a shell building that will eventually be filled by a company looking for a facility to operate out of. In response, the commission passed a resolution in support of the Economic Development Agency’s application to obtain the necessary grant funds through the Kentucky Product Development Initiative (KPDI).

Last week Carpenter and company received the good news that Gov. Andy Beshear’s office has included the new spec building in a total of eight site and building projects across the Commonwealth that will receive a combined $4.6 million in KPDI funding.

“Site selection is crucial in setting up future economic success for Kentucky,” Beshear said in the release. “The funding provided through the KPDI program gives communities around the state the opportunities and advantages they need to ensure they have quality sites and buildings to attract growing companies.”

Of the new spec building, which will be a joint venture of the Southern Kentucky Economic Development Agency, the City of Corbin, and Knox, Whitley and Bell counties, the release said, “The project was identified by an independent site selection consultant as having the potential for future investment/location of an economic development project and will see $3.78 million in building costs including $1.9 million in state support.”

“Investment in site development throughout Kentucky furthers recent economic momentum in the Commonwealth, as the state builds back stronger from the effects of the pandemic,” the release also stated.

“The Southeast Kentucky Industrial Development Authority Board of Directors and I were pleased that our application for KPDI grant funding was approved at the April KEDFA Board meeting,” Carpenter said. “Huge thanks go to Bell, Knox, and Whitley County fiscal courts for agreeing to participate on this project with our Industrial Authority.”

“I would also like to thank Governor Beshear and the legislators of the Kentucky General Assembly for recognizing the need for new speculative buildings and developable sites in our state, and allocating the funding to make the KPDI grant program a viable reality, especially for rural regions like ours,” Carpenter added. “When the Kentucky Cabinet for Economic Development, KAED and Site Selection started the PDI program in 2019, we were honored to be one of the first grant recipients. That grant allowed us to run sewer infrastructure to speculative building #4, which the Industrial Authority recently entered a capital lease agreement with Pepsi Cola Bottling Company of Corbin for an expansion, and to finish street lighting on SE Business Drive. We are excited that the state has elected to continue this exceptional grant program.”

Now that the funding is available to move ahead with the construction of the Southern Kentucky Business Park’s newest spec building, the design process for the facility will begin. Once a design is in place, it will be sent off to the Department of Housing, Building and Construction for approval. That process could take anywhere from 4-6 weeks, but if all goes well, Carpenter said he is hopeful to advertise for the actual construction of the building sometime in late June or early July.

Once construction on this new project begins, it will take approximately a year to complete.