CAVE CITY — The Cave City Council was presented a $25,000 check Monday night to help fund economic development in Cave City.
The check was presented to Mayor Dwayne Hatcher from Barren County Judge-Executive Micheal Hale.
Barren County is one of 39 counties in the state that is served by the TVA and therefore qualifies to receive funding from the Kentucky Department for Local Government for economic development as a result of the Kentucky General Assembly's passage of House Bill 114 in April 2018.
“What that bill was entitled to do was for that TVA in lieu of tax money to be sent back to the counties. That's where the money came from. That money is earmarked for economic development, so Barren County is very fortunate to receive this money,” Hale said. “As Barren County Fiscal Court, it is our duty to make sure this money goes toward economic development projects.”
The judge-executive continued that he campaigned on the development of an industrial park for Cave City in 2014.
“And we are well are on way. Am I satisfied with where it's at now? No, I'm not. I wish it was further along than it is, but we'll get there. We will get there,” he said.
The fiscal court has decided to split the $50,000 the county received this year as a result of the state legislature's adoption of House Bill 114 between two projects.
“We wanted Cave City to receive at least $25,000 to help possibly build a pad-ready site at the industrial park,” Hale said.
Hatcher thanked Hale for the contribution, and said the money was very much appreciated and that it will be put to good use at the industrial park.
“We are working with some clients and as the judge said there has been several people involved with this over the past several months and we appreciate being chosen for this,” Hatcher said.
The mayor then asked Hale to explain how much money the county will receive as a result of House Bill 114.
“It will be $50,000 a year; a three-year max, so we will top out in three years. We just hope they continue to send that back to the counties. We will put it to good use,” Hale said.