Lexington city leaders are exploring a new funding process for economic development. A city council committee this week looked at a revised strategy to attract jobs to the bluegrass community.
Chief among the changes under consideration are moving to a two year funding cycle for economic development partner agencies and giving the economic development investment board more say on objectives. Lexington Chief Development Officer Kevin Atkins said it should mean more dialogue between the mayor’s office and council on priorities. “Not on this list as an example would be the mayor’s priority of high tech agriculture. That could be one of the focus areas that we could include. It could also include the marketing of the city property out at the Coldstream Campus,” noted Atkins.
In addition to focusing on areas like business recruitment, retention, and start-ups, Council Member Angela Evans noted more attention needs to focus on minorities. “We need a population of minority professionals that are here and we need to grow it. So, I would encourage you to make sure that whoever’s on the board, that’s on the selection, that somehow that is a factor in how these funds are awarded,” explained Evans.
Atkins added the total dollar amount for a new two year cycle of funding to economic development partner agencies would be about $1.6 million. Atkins said the proposal calls for the removal of LexArts and the Lyric Theater from the economic development partner agency list, but not to exclude the groups from city financial support.?
Responding to a council question, Atkins said the proposed format change wouldn’t circumvent the mayor when it comes to economic development. He added she would still recommend a dollar amount to go toward job creation.
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