Lexington city officials appear headed toward establishing an ‘infrastructure fund’ to help funded downtown developments.
Planning Commissioner Derek Paulsen suggested at a meeting this week that $1 million be set aside as “gap funding” for projects. “If we’re looking to get more residential and retail development, I think this is something we have to be realistic about,” said Paulsen. “Where you’ve got older infrastructure, it’s going to be more costly.”
The revised proposal brought before a council committee this week focuses on infrastructure funding for things like parking, sanitary sewers, and sidewalks. Vice Mayor Steve Kay asked for more information on how the fund might translate into jobs.
Paulsen said specific information about job will the formal ordinance. He is proposing $1 million be included in the budget request put before council next spring.
