Exciting Developments in Georgetown: A New Business Park on the Horizon
In the charming city of Georgetown, a significant economic initiative is unfolding that could bring new opportunities to the area. Local leaders are working together on the Kentucky Development Initiative (KDI), which aims to create a collaborative business park that not only enhances Georgetown but also benefits the surrounding counties. Residents and businesses alike are encouraged to take notice of this project, as it promises to bring in new jobs and stimulate the local economy.
The Genesis of KDI
The KDI is designed to promote regional economic growth. According to local leaders, it all started when Madison County Judge-Executive Reagan Taylor reached out to Georgetown’s own Judge-Executive Joe Pat Covington. After discussions about the need for more available business space in the region, the KDI was born. “The Governor and his Cabinet are pushing for projects like this that focus on regional cooperation,” explained Covington. The initiative seeks to create partners across counties so that the entire area can thrive together.
A Collaborative Approach
The plan is a two-phase approach to creating spaces that are “shovel ready,” meaning they have all the necessary infrastructure already in place for businesses to move in without delay. Covington mentioned that the idea is to secure up to $2 million in KDI funds, which would be matched dollar-for-dollar. When pooled together with funds from surrounding counties, the total available budget would reach an impressive $12 million! This collective effort allows these areas to secure a more significant economic impact than they could individually.
Why This Matters
With the modern shift in how industries choose locations, it has become essential to have ready-to-go properties. “Industries now do their research in-house and, if they find a lack of serious infrastructure, they quickly move on,” said Jack Conner, Executive Director of the Georgetown/Scott County Chamber of Commerce. This means Georgetown must adapt to be appealing to potential new businesses.
The Role of the Business Park
So, what will this business park look like? The leaders have set their sights on a 504-acre parcel of land available on the outskirts of Georgetown, taking advantage of existing roadways and infrastructure. Hockensmith, the President of Scott County United, confirmed that plans aim to use only the land outside the bypass, ensuring the park sits distanced from residential areas while being easily accessible.
Moving Forward
Currently, the project has received initial approval for its second phase. While there are still some hoops to jump through in the process, leadership feels confident about the path ahead. There’s excitement surrounding the collaborative plan as it offers equal opportunity and shared revenue among all partnering counties: Fayette, Madison, and Scott.
Community Engagement
The idea is not just to create a business park. Local leaders are committed to reaching out to the community for feedback and ideas. By involving the community in conversations about this development, they hope to ensure the long-term success of the initiative. The comprehensive plan for Georgetown emphasizes the need for designated areas for business and commerce, a gap this new project aims to fill.
Final Thoughts
In closing, the proposed Kentucky Development Initiative business park represents a bright opportunity for Georgetown and its neighboring areas. With shared resources and a regional approach, the initiative ensures a collective effort toward economic development, promising a better future for all involved. As the leaders move forward with their plans, community members are encouraged to stay informed and engaged.
We will continue to keep you updated on this exciting development, so stay tuned!
