Graves County Economic Development (GCED) is pleased to announce it has received a $2 million grant from the Kentucky Product Development Initiative (KPDI) to construct two speculative (spec) buildings in Mayfield in partnership with Youngblood Excavating & Contracting Company (YEC).
Economic development organizations and local governments across the commonwealth compete for the KPDI grants, made possible through a partnership between the Kentucky Cabinet for Economic Development (KCED), the Kentucky Association for Economic Development (KAED), and a product development fund created by the state in 2022.
“It is a privilege to partner with GCED on this project and bring to life our shared vision for the light industrial expansion of Grace Commercial Park," said YEC owner Brad Youngblood.
"Without GCED and the support from KCED and KAED, we couldn't have completed this project. These spec buildings will result in a large increase in the community tax base, create many new jobs, and build a foundation for even more sustainable future growth," Youngblood added.
"We at YEC are excited to see our work and that of others generate such lasting growth and change for all," Youngblood said.
The Murray Bank is YEC’s financial partner in the project. “This is the kind of investment that really makes a difference in our region,” said Tony Ryan, President and CEO of The Murray Bank. “When you create space and opportunity for businesses to grow, you’re also creating jobs and long-term stability for local families. We’re proud to support efforts like this that continue moving our region forward.”
Each of the two spec buildings will cover 60,000 square feet and can expand up to 100,000 square feet to accommodate tenant needs.
They will be located off Key Bottom Road, north of Mayfield. The 16.2-acre site will be the newest addition to the portfolio of industrial property available in Graves County. The site is less than a quarter mile from U.S. Highway 45 and less than two miles from Interstate 69. This property will be fully served with utilities available on the property line.
“We are excited to be adding more opportunities for new and existing businesses here in Graves County,” said Judge Executive Jesse Perry. “We appreciate the Cabinet for Economic Development and KAED and the continuing support of our local legislators who work to fund programs that help our communities grow. These buildings, coupled with our location and infrastructure, will be a great incentive for companies looking to establish themselves in the region.”
Mayfield Mayor Kathy O’Nan said she is enthusiastic about the future of Mayfield. “This KPDI grant is just one more building block for Mayfield and Graves County,” said O’Nan. “We are grateful to Gov. Beshear for his continuing support and encouragement and for the economic development teams who put in the hard work necessary to help make growth and prosperity possible for our residents.”
GCED President Jason Lemle said he is also excited about this project and what it will mean for Graves County’s economy going forward. “Having two new flexible facilities sets us well ahead when it comes to meeting the needs of companies looking to relocate or expand in Graves County,” said Lemle. “We are grateful to the Kentucky Cabinet for Economic Development and the Kentucky Association for Economic Development for everything they do to help us build the economy and create jobs for Graves County families. We appreciate the funding made possible by the General Assembly and Gov. Beshear’s advocacy on behalf of our community.”
This is GCED’s fourth KPDI grant since the program was funded in 2022. Previous grants were used to develop and expand the Hickory Industrial Park.