LEXINGTON, Ky. (LEX 18) — In 2018, the City of Lexington and the University of Kentucky did an exchange. The city transferred several roads near campus to the University. In exchange, it received land. Now, a new business park will be built on that land between Georgetown Road and I-75.
“This new business park means jobs for our residents and tax revenue for our city,” Mayor Linda Gorton said.
According to the City, the park is estimated to create almost 1,700 jobs over the next few years. Annual local tax revenue is estimated at $2.9 million once the park is fully developed.
Lexington Chief Development Officer Kevin Atkins said the city is already actively marketing the 23 lots in the industrial park.
“We have already had a lot of interest in the park,” Atkins said.
"This will be light manufacturing, advanced manufacturing," he added. "I think you’ll see an emphasis put on agri-tech businesses as well."
The $22.4 million in funding for the park's infrastructure has come from federal, state and local resources. The final piece of the monetary puzzle came as a $10 million grant, presented by U.S. Rep. Andy Barr.
“This project underscores the community’s commitment to bolstering economic growth and creating jobs in Lexington. I am proud to be able to return Fayette Countians’ hard earned tax dollars back to our community,” Barr said.
Barr said securing funding for the project "was a no brainer because of the high-quality jobs this will facilitate."
"It pays for itself because the revenue that will be generated from this investment will be terrific for Fayette County."
According to the City, construction on the business park should begin this Fall. It will be an 18 month build out from then.
