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January 17, 2014

Industrial park purchase final

45 acres of land in Laurel County cost around $475,000

LAUREL COUNTY — The purchase of the Fariston Industrial Park was finalized Wednesday, according to London-Laurel Industrial Authority Executive Director Charlie Pennington.

The purchase of 45 acres of land from Joyce Jackson, of Bowling Green, cost around $475,000, Pennington said. The loan from the Laurel County Fiscal Court covered $300,000 and the remaining $175,000 came from the London-Laurel Industrial Authority’s funds for investment. Pennington said the industrial authority already had funds on hand for the purchase, and the loan from the fiscal court was meant as a supplement to those funds.

The loan that paid for the majority of the land’s cost is from a Community Development Block Grant for $300,000 with a 0.5 percent interest rate over five years.

The land is intended for a new industrial park. Pennington said the six existing industrial parks in Laurel County are nearly full, so this purchase is “strictly for the future.”

The most recent industrial park near the London-Corbin Airport is nearly out of acreage, Pennington said.

The land is strictly for industrial development, and will ensure any businesses that want to come to Laurel County will have room.

Pennington said he hoped the plot of land would “expand the industrial base and ensure future growth” for Laurel County.

 

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