Lexington city leaders are considering a new policy for covering infrastructure costs associated with developments. Particularly, the focus is on designated expansion areas in Lexington. Members of the Budget, Finance, and Economic Development Committee got an update last week. Michael Cravens is an attorney in the City’s Law Department. He detailed a proposal to move from a traditional exactions program to a stakeholder infrastructure agreement.
“Basically these would be agreements that would address the types of questions the exactions program needs to address. What infrastructure remains to be built, who takes responsibility for building it, how does it get paid for, who’s responsible for paying for it as far as which developers are expected to contribute,” said Cravens.
The committee took testimony from attorneys representing developer interests. Nick Nicholson said there would not be any private development requirement today that is being shifted to the government in any way, shape, or form. Amanda Mays Bledsoe chairs the Budget committee.
“Closing this program out. Trying to be fair to those who have paid into the program and be responsible as taxpayers and then to develop a program that makes more sense, a more pay-as-you-grow type program, which still allows developers to pay for the program, the development they’re doing, but on a different more simplistic way,” said Mays Bledsoe.
Mays Bledsoe said she hopes final action on the change can come before the end of the year.
