A 15-acre pad-ready site in the Cadiz/I-24 Interstate Park could soon see construction of a new 100,000-square foot spec building. And with it, a new industry — and its jobs — enticed to house here in west Kentucky.
During Monday’s Cadiz-Trigg County Economic Development Commission meeting, officials went into closed session for more than 30 minutes, before emerging and opting to accept a bid of nearly $5.4 million from Owensboro’s Hartz Contracting to build the shell.
It’s something that’s been months in the making, and is the first true physical step for the site’s potential energy.
Trigg County Judge-Executive Hollis Alexander, who presided over Monday’s meeting alongside noted dignitaries, said now was the perfect time for this development.
At precisely this time last year, South Western Kentucky EDC Executive Director Carter Hendricks indicated to tri-county officials that his organization was awaiting word from Tennessee Valley Authority officials regarding an application for an “InvestPrep” grant, which if awarded would help with this specific project.
That grant, valued at $750,000, has been awarded — as has another $500,000 in state funding. It’s $1.2 million in upfront capital for the construction, or more than 20%, and it’s strong insurance for the local and regional bonding needed to finish, and eventually sell, the shell structure.
The next step in this process: due diligence, contingency and financing. City/County Architect Frank Williams will need to review preliminary plans. Once those securities are more in place, construction can begin.
After construction, businesses developers and industry tours will then be able to visit the facility — before deciding whether Cadiz, and this building, are the right fit for their company.
Alexander didn’t want to speak out of turn, but did add the types of businesses that would be interested in this corridor are wide in scope, and that the types of jobs that could come to this specific location might surprise.
The site’s potential could be high for a wide range of industry mainly because of its proximity to I-24 and its ease of access to other industrial sectors in Murray, Hopkinsville, Elkton, Princeton, Eddyville, Calvert City and Paducah.
It already has a 4-inch gas line, a 10-inch water line, an 8-inch sewer line and last year was certified as a “KY Work Ready Community.”
