Officials with the Blue Grass Stockyards announced Friday they are staying put and plan to rebuild in Fayette County. The Forbes Road facility burned to the ground on January 30. The new 100 acre site will is situated along Iron Works Pike near Interstate 75.
State and local tax incentives of well over a million dollars are part of the rebuilding effort. Stockyards Chief Operating Officer Jim Akers says the tax breaks make the decision to stay in the Lexington area a sound choice. “The tax incentives are intended to somewhat level the playing field relative to the additional costs and infrastructure issues associated with building in Fayette County, versus you know, venturing further out and getting into a rural community,” said Akers.
Akers says numerous properties were considered for the future location. He says easy access to the interstate and a 70 year history in Lexington were key factors in the final decision to rebuild there. He says close proximity to I-75 could lead to increased sales.
Lexington Mayor Jim Gray is hailing the decision of Blue Grass Stockyards officials to stay in Fayette County. Gray says the Bluegrass Stockyards’ cattle sales totaled $200 million last year. “It influenced other businesses throughout the region, so its economic multiplier was significantly greater than the $200 million a year,” said Gray. “You could arguably say it represents two or three times that.”
Akers says work could begin in a few months and completion by the end of 2017.?
