JOHN MCCARTY APPOINTED COMMISSIONER OF THE DEPARTMENT FOR NEW BUSINESS DEVELOPMENT

Frankfort, Ky. - Governor Ernie Fletcher and Economic Development Cabinet Secretary Gene Strong announced today the appointment of John P. McCarty as Commissioner of the Department for New Business Development effective September 16, 2004.

McCarty is currently President of Lexington Realty Advisors, Inc., a financial consulting and real estate development firm based in Lexington, Kentucky. The company was founded in August 1989. Prior to founding Lexington Realty Advisors, McCarty was Executive Vice President and Chief Financial Officer of The Webb Companies, a Lexington based real estate development firm.

From December 1995 through 2000, McCarty served the Commonwealth of Kentucky as Secretary of the Finance & Administration Cabinet. During his tenure and under his leadership major reforms were initiated in the areas of public finance best practices, technology and re-engineering of existing workflow, all of which have resulted in savings and incremental revenue to the state in excess of 200 million dollars to date.

"John McCarty brings with him a wealth of business experience that will be a valuable asset to Kentucky's economic development efforts," stated Governor Fletcher. "My administration is committed to providing economic opportunity for every Kentuckian, and John will be an essential part in accomplishing this important goal."

"I've had the privilege of working closely with John and know he has the experience and leadership skills that will further excel our efforts to recruit business and create jobs in Kentucky," said Secretary Strong. "He will be a tremendous asset to the Cabinet for Economic Development."

"I am honored that Governor Fletcher and Secretary Strong have asked me to take on this challenging task," stated McCarty. "My hope is that my years in both the private and public sectors give me the right blend of experience necessary in our efforts to bring financially strong and innovative businesses to the Commonwealth. The ultimate result of course is the furtherance of our goal of creating secure, well paying jobs for all our citizens."

The Department for New Business Development is responsible for coordinating the recruitment and attraction of companies that will enhance the overall viability of the state’s economy. The Department consists of the Industrial Development Division and two international representative development offices.

The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2003 totaled more than $1.56 billion with the creation of just over 13,800 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at http://www.thinkkentucky.com/.