The Russell County Industrial Authority officially became the new owners of the former Lake Cumberland Dragway property in Jamestown. The acquisition of the 48.5-acre property will allow expansion of the Lake Cumberland Regional Industrial Complex Site One to 152 acres from its current size of 104 acres. A site development plan for potential industry is underway and will include a proposal for a connector road between French Valley Road and the old Airport Road to improve traffic flow.
The property was purchased by the Russell County government for $360,000, or $7,415 per acre on behalf of the RCIDA. Funds for the purchase came from a $307,692 grant from the Kentucky Department for Local Government (know as the Regional Development Agency Assistance Program) which are TVA funds paid to the states for payment in lieu of taxes. The balance of payment was provided by the RCIDA from local funds amounting to $52,308.
“This expansion will improve marketing efforts for current and future industrial projects,” said Bennie Garland, RCIDA executive director. “A great deal of gratitude goes to Judge Robertson, County Attorney Kevin Shearer, and the Russell County Magistrates for their support and assistance to make this worthy project a reality without having to use its eminent domain powers. Special thanks to the entire RCIDA Board of Directors and their attorney H.K. Cooper for guidance and the provision of financial resources.”
Transfer of the deed from Russell County Government to the RCIDA became official on Monday, November 2 with County Judge-Executive Gary Robertson (seated) and members of the RCIDA board (standing from left) Scott Pierce, Clint Voils, Stephen Branscum, and Executive Director Bennie Garland.