ASHLAND, Ky., October 17, 2017 – Economic development grants totaling $133,334 have been awarded to the Ashland Alliance and One East Kentucky.
Ashland Alliance is receiving $23,334 for its efforts to recruit Wright-Mix Material Development Co. to Greenup County. The cement manufacturer is expanding its business with the addition of an $8.5 million facility that will employ 130 full-time workers. The company plans to renovate and expand an existing building at the Greenup/Boyd Riverport. The grant allows Ashland Alliance to leverage an additional $76,666 in local incentive funding for the project.
“Our partnership with Kentucky Power has provided us the tools to help build a stronger economy for the region,” said Tim Gibbs, president and CEO of the Ashland Alliance. “This year we have had multiple beneficial projects funded with Kentucky Power economic development grants.”
An additional $50,000 grant is going to the Ashland Alliance to assist in paying for due diligence work needed for the Braidy Industries Project, including a land option, environmental studies and property management plan. The Kentucky Power grant will garner a local match of $41,000. Braidy Industries plans to build a $1.3 billion aluminum rolling mill in Greenup County that will employ 550 full-time workers with an average hourly salary of $38.
In addition, One East Kentucky and Ashland Alliance teamed up in seeking the third grant of $60,000. The grant will allow for direct targeted marketing of new, expanding and relocating aerospace companies to recruit them to locate in eastern Kentucky. All three grants are funded through the Kentucky Power Economic Development Growth Grants (K-PEGG).
“These grants are one way we are supporting our communities and leading the charge to revitalize eastern Kentucky through economic development,” said Kentucky Power President Matt Satterwhite. “We welcome the opportunity to work with local, state and regional leaders on these and future projects and will continue working to bring investment and jobs to eastern Kentucky.”
One East Kentucky is a nine-county regional economic development organization, while Ashland Alliance is an economic development and business organization serving Boyd and Greenup counties and the surrounding region.
The K-PEGG program is funded through the Kentucky Economic Development Surcharge. For every 15 cents collected monthly from customers, company stockholders match customer contributions dollar for dollar to generate more than $600,000 annually for investment at the local and regional levels. Information is posted at kentuckypower.com/development/. Kentucky Power, based in Ashland, Kentucky, provides electric service to about 168,000 customers in eastern Kentucky counties. The program is available in all 20 counties served by Kentucky Power.
