Henderson Economic Development has gathered more than $2.5 million of a $3 million goal in a campaign to fund the organization’s next five years. HED made the announcement Thursday evening at a kick-off celebration at the Rhythm River Distillery.
HED had previously set a goal to raise $2.8 million, but according to Executive Director Missy Vanderpool, the momentum had been so great that the organization upped the goal to $3 million.
Vanderpool said HED’s budget for the previous five-year strategic plan was $2.2 million. The bump in the current goal comes because of inflation but also because of added initiatives that HED will take on in the next five years, Vanderpool said.
In one initiative, retention and expansion, HED will conduct a wage and benefits survey and a workforce needs analysis; in another, workforce development, an in-depth housing needs assessment will be completed, Vanderpool said. There are other tools HED will use as well as taking on greater responsibilities over the previous five years, such as retail recruitment, she said.
The HED executive director also mentioned the possibility of expanding the organization’s Manufacturing Academy, which works with high school students, to middle school, while also possibly offering externships to teachers to learn more about manufacturing.
At Thursday’s event, campaign co-chairs Ben Johnston, of the Pittsburg Tank & Tower Group, and Kate Faupel Grealish, of Faupel Automotive, reported that the organization had already raised $2,542,000, which is almost 85% of the $3 million goal.
“To say I / we are excited is an understatement,” Johnston said. “Thank you to our investors and our community for the trust and belief you have shown through your pledges and support to HED. As we have done for the last five years (where does time go), we will continue to be good stewards of the resources you so generously have provided. Onward and upward are words that come to mind as we pack our tool chest for the journey.”
“Henderson has seen tremendous economic growth over the past five years, and HED’s new strategic plan positions us to build on this momentum and reach new heights,” Grealish said.
Vanderpool in February spoke to both the Henderson County Fiscal Court and the Henderson City Commission about HED’s goals the next five years. Those include $800 million in capital investments, retaining or creating 1,000 new jobs (of projects HED works on), allowing 2,500 students to participate in at least one career awareness program and building 200 new income-aligned housing units.
HED’s vision for the return on the investment in the five-year strategic plan is $100 million in wages, $210 million in gross domestic product and $900 million in total economic impact, Vanderpool said.
The fiscal court in February agreed to fund $500,000 over the next five years while the city commission agreed to $400,000. The fiscal court will transfer $250,000 to HED before the end of the fiscal year and then include a $50,000 line item in its budget over the next five years. The city commission agreed to fund $80,000 in its budget over the next five years.
In addition to local government funding, the current $2.5 million in HED’s coffer come from many private and local business donations.
Vanderpool said Friday that more interest has come from Thursday’s event with three more potential investors scheduling meetings.
“Our new five-year initiative will build on the success we have seen over the last five years and position Henderson for even greater opportunities in the years ahead,” Vanderpool said.
Finally at the event, it was announced that Eastern Alloys will expand its operations in Henderson.
“Eastern Alloys of Kentucky LLC is pleased to continue investing in our Henderson facility through a capital improvement project this year,” Joseph Wyda, the company’s chief financial officer, said in a statement. “This expansion will support the creation of approximately 13 new full-time positions, bringing our total workforce to around 52 employees. We remain committed to growing our operations in Henderson, contributing to the local economy, and providing high-quality manufacturing jobs with competitive wages and benefits. We appreciate the continued partnership and support from Henderson Economic Development, the community, and state partners as we move forward.”
