BOYD COUNTY, KY (WOWK) – The State of Kentucky is getting its money back after an economic development project in Boyd and Greenup counties went bust.

“Obviously, the best outcome of this would be that an aluminum mill had been built, but we’ve known for years now that that wasn’t going to happen. Today, we got the commonwealth’s investment back, we got the property back to locate something real and exciting” Governor Andy Beshear said Thursday during a press briefing.

The $15 million investment in the aluminum mill proposed by Braidy Industries – now known as Unity Aluminum – has been returned. Officials say the money will go into a seed fund for future projects.

According to Beshear, 205 acres of land and a 100,000-square-foot building will also be donated back to the local communities for economic development opportunities.

“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,” Beshear said. “There is already interest and I promise to the people of the Ashland region because when we make an announcement it’s going to be real, jobs are going to be real and it’s going to be really exciting for the community.”

Kentucky initially made the multimillion-dollar investment with approval from the legislature and then-Governor Matt Bevin in 2017 for then-Braidy Industries to construct an aluminum mill in Boyd and Greenup counties. However, that project never came to fruition.