Kentucky recoups $15 million from previous administration’s mill investment, governor says
FRANKFORT, Ky. (WYMT) - Gov. Andy Beshear announced the Commonwealth has secured the return of former Gov. Matt Bevin’s administration’s $15 million investment in an aluminum mill in northeastern Kentucky that never materialized, officials with the Governor’s office released in a statement Thursday.
The governor also said that the land, which was previously acquired as part of the proposed project, would also be donated back to local communities to be used for future economic development opportunities as part of a larger land transaction being negotiated.
“This announcement has been a long time coming, and I want to recognize members of this administration and Commonwealth Seed Capital, as well as Unity Aluminum, for coming together to do what is right for the community and Kentucky by returning these funds to the commonwealth,” Gov. Beshear said. “Given the current economic momentum we are experiencing across the state, I am confident we will secure a significant project on the property, as it is a great site for a potential employer.”
Kentucky Economic Development Finance Authority (KEDFA) will administer the funds in accordance with the funding appropriation, and unless otherwise directed by the General Assembly, the purpose of the funds is to facilitate a private sector investment of at least $1 billion in one or more locations in the Commonwealth.
“We have always been excited by the potential of Eastern Kentucky, and returning this land will help the communities realize this potential,” said Unity Senior Vice President Curtis Carson.
The $15 million direct investment by the state was approved in 2017 in connection with a planned investment by Braidy Industries to construct an aluminum mill in Boyd and Greenup counties. The project did not come to fruition and Braidy – now known as Unity Aluminum (Unity) – recently entered into a joint venture with Steel Dynamics Inc. (SDI).
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