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Project Description |
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The Valley Oak Business &
Technology Park is a model collaboration among federal, state and
local government agencies to open new doors and opportunities beyond
the community’s traditional focus of recruiting manufacturing
companies. The Park is equipped with the latest information
technological advancements to attract technology-related companies
bringing “white collar” jobs to Somerset and Pulaski County. This
includes access to a 48-strand single mode high speed fiber
telecommunications network with direct broadband connectivity to
AT&T capable of transmitting large volume of voice, video and data
information throughout the United States and worldwide, and local
and long-distance service by a redundant OC-48 SONET fiber optic
ring by AllTEL. |
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Pulaski County was
recently designated a Kentucky Economic Opportunity Zone, giving it
extra incentives in attracting new or expanding manufacturing or
service/technology-based industry to the region. Companies located
in the Park have the ability to recover up to 50% of its start-up
costs and annual rent costs for a 10-year period. Other benefits
include access to low-interest rate financing, readily available
venture capital, and generous workforce skills training grants. |
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Planned facilities
include a multi-million dollar, modern office building suitable for
research & development, professional office suites, or use as a
large-scale information processing center. Other amenities may
include on-site childcare services and a telecommunications
training/conference center. The goal of the Park is to provide a
place where companies can quickly establish operations to meet the
demands of the fast-paced telecommunications environment. |
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| Community Partnership |
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To successfully attract
technology-based industries, national studies have indicated that
the key areas of importance are accessible technological
infrastructure, a skilled and adaptable labor force and widely
available and flexible investment capital. The Valley Oak Business &
Technology Park is a collaborative effort among the region’s leading
economic development groups, the Somerset/Pulaski County Development
Foundation, Southern Kentucky Economic Development Corporation and
The Center for Rural Development forming a strategic alliance to
capitalize upon their expertise in each of these areas. |
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The Somerset Pulaski
County Development Foundation is the lead entity overseeing the
project. The Foundation will coordinate the marketing and recruiting
efforts, packaging of state and local incentive programs, and the
overall development of the Park. This includes the development of a
Master Plan, infrastructure improvements and community facilities
such as a Child Care Development Center. The Park has been
designated a Kentucky Economic Opportunity Zone. This designation
will allow technology-based companies located in the Business &
Technology Park to enjoy significant economic benefits above those
afforded under the existing state economic development programs. |
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The
Southern Kentucky Economic Development Corporation (SKEDC) plans
to establish a $2 million information technology center to attract
new business to the Park. SKEDC is uniquely qualified to carry out
this project, with 15 years of experience in successfully recruiting
new business to the region. In addition to the technology center,
the organization has more than $5 million in direct loan funds,
which can be used to provide low-interest rate loans to companies
locating in the Business & Technology Park |
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The
Center for Rural Development’s Department for Training and Education
will assist with the development and delivery of technology training
programs for the recruitment of industry targeted by this effort.
The Center Training Department is equipped with mobile computer
labs, and The CenterNet project has distance education facilities in
30 counties available to enable the rapid deployment and delivery of
technology training. |
