The Lexington-Fayette Urban County council is expected to take budget action Thursday night. Not only on the new fiscal year budget to operate urban county government, but also consider the Industrial Authority’s spending plan.
Earlier this week Council got an update on Industrial Authority activity. Much focus remains on the 200 acres near I-64, part of the City-UK land-street swap of a few years ago. Craig Benz, in the mayor’s office, was asked why no lots had been sold.
“We’ve completed a development plan. But, we cannot sell any of the property in the 200 acres until it’s platted. Until, it shows that utilities and roads are coming to the sites,” said Benz.
Lexington Mayor Linda Gorton added it’s taken a long time to assemble enough money to carry out infrastructure requirements. A groundbreaking on the $22 million infrastructure project is planned this fall.
Benz said it could be some 18 months after that before development occurs. He said the City’s commercial realtor is confident clients will come in time.
“Our broker, Cushman and Wakefield are optimistic that we can sell these lots. But, they can’t commit to a certain timeline. They are receiving interest on at least a weekly basis,” said Benz.
The property carries a P-2 zoning or university research campus designation. Benz said the development plan calls for some 19 lots.
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