West Kentucky and Tennessee Telecommunications Cooperative is moving forward with plans to create a technology park in Mayfield.
The Kentucky Economic Development Finance Authority recently approved WK&T’s plan to buy former Mid-Continent University property to house the park. The cooperative expects the 53-acre development site to include office, retail, restaurant, and residential use as well as a hotel, conference space, and community event center.
The next step involves an independent analysis to verify the estimated financial impact. The project will then need state approval which could take up to one year. WK&T estimates the park will create more than 900 high-paying jobs and generate more than $150 million each year.
The cooperative expects the project’s total cost to be around $62 million, of which more than half would be raised from local and state tax incentives.
