When members of the Urban County Council return from summer recess, a highly debated downtown development project is likely to get their attention.
Developers of the Centre Point Project are seeking to borrow 30 million dollars to construct an underground parking garage.
The Lexington Herald Leader reported last week the state bond application must have the backing of the city. Urban County Council member Steve Kay doesn't have any major concerns with the request. "It is not anything that the urban county government will be as they say, on the hook for. This will be the developers' responsibility. It allows them to borrow money at a slightly better rate, but it does not cost the state or the city anything to do that," said Kay.
This month, Lexington City Council will also likely finalize funding for affordable housing.
While establishing a designating funding source through additional taxation was discussed, the final plan called for a general fund allocation. Kay says consistent funding is important. "To set up a fund that would be protected, so that, if the money is not spent in a fiscal year, it carries over, which is different from most general funds and a commitment to include for affordable housing, two million dollars in the mayor's budget that goes to council on an annual basis," added Kay.
Kay says a half million dollars is proposed for homelessness service coordination. He says he will lobby his council colleagues to increase funding in that area.?
