SWK EDC approves budget, receives Ascend Elements facility update

The South Western Kentucky Economic Development Council approved its 2026-27 fiscal year budget, and members received an update concerning the Ascend Elements site at Commerce Park II at Monday’s meeting.

Council Executive Director Carter Hendricks presented the proposed budget and says they are projecting a total income of $688,600 for the upcoming fiscal year, which is an increase of 2% compared to the current year.

The budget includes projected expenses also totaling $688,600 and Hendricks says the largest expense is personnel compensation, and for the upcoming year they proposed a 2% combined increase for wages and benefits.

After the budget was approved, Hendricks presented some regional updates concerning local industries. Ascend Elements’ Apex 1 Facility was purchased during a Chapter 11 bankruptcy auction earlier this month. It was bought by Turner-Kokosing Joint Venture, which is the joint venture that filed the initial lawsuit against Ascend Elements alleging that battery material manufacturer failed to pay for work that was done.

Hendricks says the joint venture is actively looking for a buyer to make use of the facility.

Hendricks also shared that he and fellow SWK EDC staff recently toured Kitchen Food Company, which is working toward starting operations at the Christian County Spec Building on Frank Yost Lane. Soon he says he would like to host a larger tour of the facility, which is expected to be operational in the fall.

At the meeting, the members also approved a new group of officers for the 2026-27 term. Alan Gates will serve as chairman, Billy Bingham will serve as vice chair, Stan Humphries will serve as secretary and Jason Jenkins will serve as treasurer.