Kentucky government recoups $15 million from failed Unity Aluminum project

The government of Kentucky finally received $15 million that was invested in an abandoned aluminium plant project, which stood unfinished for five years.

On Thursday, Gov. Andy Beshear announced that the money from the previous administration of Gov. Matt Bevin had been returned. The money was earmarked for Unity Aluminum, formerly Braidy Industries, which recently announced intentions to construct a roughly $1.7 billion plant in the greater Ashland region.

“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. 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,” said Andy Beshear.

According to Andy Beshear, the state is also working on getting the 200+ acre property back in the form of a contribution from the corporation that wanted to construct a sizable aluminium plant in north-eastern Kentucky. Beshear claimed that several businesses have already expressed interest in creating the site.

“My promise to the people of the Ashland region is when we make an announcement, it's going to be real, the jobs are going to be real and it’s going to be really exciting for the community. This is a better outcome than I ever thought possible,” added Andy Beshear.

The 205-acre property and a 100,000-square-foot structure are included in the agreement that was revealed on Thursday. According to Economic Development Cabinet Secretary Jeff Noel, “the land will be given for free back to the neighbourhood industrial authority.”