News Summary
Lexington officials have commenced construction on the long-awaited Legacy Business Park, projected to create 1,700 jobs and generate $10.9 million in tax revenue. The park will encompass 200 acres near the Coldstream Research Campus, featuring 19 lots earmarked for light industrial development along with greenspaces and trails. The project aims to bolster the local economy with $100 million in annual payroll and significant tax revenue for both state and local governments. Completion is anticipated within two years.
Lexington officials have officially broken ground on the long-awaited Legacy Business Park, a significant economic development project projected to generate 1,700 jobs and approximately $10.9 million in tax revenue. The groundbreaking ceremony took place on Wednesday and marked the culmination of nearly seven years of planning and collaboration among city officials and the University of Kentucky.
The new business park is situated on a 200-acre site located northwest of the Coldstream Research Campus, positioned off Georgetown Road, close to Interstates 64 and 75. The park will feature 19 lots totaling 147 acres earmarked for development, complemented by greenspaces and trails that will connect to Lexington’s existing Legacy Trail.
Mayor Linda Gorton highlighted the significant economic impact of the Legacy Business Park, which is slated to produce roughly $100 million in combined annual payroll. The anticipated job creation is expected to yield about $6.8 million in local tax revenue and $4.1 million in state tax revenue.
The business park was made possible through a land swap agreement finalized in July 2019 between then-Mayor Jim Gray and UK President Eli Capilouto. As part of the agreement, the city acquired 250 acres of land owned by the University of Kentucky. Of that land, 200 acres have been designated for the Legacy Business Park, while the remaining portion has been incorporated into the Coldstream Research Campus.
Sales of land in the Coldstream area have generated over $1.65 million in proceeds since October 2019. This income is shared between the University of Kentucky and the city, helping fund infrastructure improvements and the development of the Legacy Business Park. Currently, over 17 acres have been sold, with an additional 19 acres pending sale.
U.S. Representative Andy Barr played a critical role in securing a $10 million federal grant aimed at supporting infrastructure development for the business park. The total investment for the Legacy Business Park’s development is projected at $22.6 million, financed through a combination of federal, state, and city resources. Key funding sources include the federal grant, a $2 million Kentucky Product Development Initiative grant, and $200,000 in matching funds from Kentucky Utilities. The city has also allocated $2.55 million from its American Rescue Plan Act funding and an additional $7.45 million in capital funds for the initiative.
Designed to be “site-ready,” the properties within the Legacy Business Park will be prepared for tenants to commence construction immediately. The intended use for these properties is light industrial, encompassing manufacturing operations related to processing or packaging smaller goods or components for larger products. The layout of the park is flexible, allowing for movable boundaries between lots to accommodate companies looking for larger spaces of more than 5 to 10 acres.
During the groundbreaking ceremony, former Mayor Jim Gray underscored the importance of creating industry and manufacturing jobs as a means to bolster the local economy. Kevin Atkins, Lexington’s Chief Development Officer, asserted that the site will be equipped with all necessary resources to foster a thriving industrial environment.
The project design is spearheaded by Gresham Smith, while Cushman & Wakefield has been appointed to handle the marketing of the lots. ATS is serving as the primary construction contractor, with an expected completion timeline of two years for the entire project.
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Additional Resources
- Fox 56 News
- Wikipedia: Lexington, Kentucky
- Kentucky.com
- Google Search: Legacy Business Park Lexington
- LEX18
- Google Scholar: Lexington Legacy Business Park
- Spectrum News 1
- Encyclopedia Britannica: Lexington
- MSN Money
- Google News: Lexington Business Park
