News Summary
Lexington officials have commenced construction on the 200-acre Legacy Business Park, expected to create around 1,700 jobs and significantly contribute to the local economy. The project, located near major highways, includes greenspaces and is the result of collaborative planning with the University of Kentucky. Financial backing of over $22 million has been secured for infrastructure improvements, reinforcing Lexington’s commitment to revitalizing its industrial sectors.
Lexington Breaks Ground on 200-Acre Legacy Business Park Expected to Create Nearly 2,000 Jobs
Lexington officials have officially commenced construction on the Legacy Business Park, a transformative 200-acre project located northwest of the Coldstream Research Campus, adjacent to Georgetown Road and near Interstates 64 and 75. This strategically planned business park is anticipated to generate approximately 1,700 jobs, contributing a combined annual payroll of nearly $100 million to the local economy.
The Legacy Business Park comprises 19 lots covering a total of 147 acres designated for development. The project also features greenspaces and trails that will connect to the city’s Legacy Trail, promoting both leisure and accessibility within the area.
Significant Economic Impact
Mayor Linda Gorton has indicated that the local tax revenue generated from the expected jobs will amount to around $6.8 million, while state tax revenue is projected at $4.1 million. These financial forecasts underscore the business park’s potential to bolster Lexington’s economy significantly.
Planning and Collaboration
The development of the Legacy Business Park has been a collaborative effort between the City of Lexington and the University of Kentucky, culminating from nearly seven years of planning and budgeting. In July 2019, a crucial exchange agreement was made between former Mayor Jim Gray and UK President Eli Capilouto concerning 250 acres of UK-owned land. Out of this total, 200 acres were allocated to the Legacy Business Park, with the remainder incorporated into the Coldstream Research Campus, which is managed by the Lexington-Fayette County Industrial Authority.
Since October 2019, land sales within Coldstream have generated over $1.65 million, with more than 17 acres sold and an ongoing transaction for an additional 19 acres. The proceeds from these land sales are shared between the City of Lexington and the University of Kentucky.
Infrastructure and Funding
U.S. Representative Andy Barr played a pivotal role in securing a federal grant of $10 million dedicated to infrastructure improvements at the business park site. This grant is a part of a broader development investment totaling $22.6 million, sourced from federal, state, and city funds. Additional financial support includes a $2 million grant from the Kentucky Product Development Initiative and $200,000 from Kentucky Utilities.
Moreover, the City of Lexington has allocated $2.55 million from its American Rescue Plan Act funding and $7.45 million from capital funds for the Legacy Business Park project. This solid financial backing illustrates a strong commitment to revitalizing industrial and manufacturing sectors within the region.
Project Development Features
The business park is designed to provide site-ready lots tailored for light industrial use, featuring movable lot lines to accommodate varying tenant requirements. The design of the park is being managed by Gresham Smith, while marketing and real estate services are in the hands of Cushman & Wakefield. The primary construction contractor for the Legacy Business Park is ATS.
Revitalizing Lexington’s Economy
The Legacy Business Park is poised to play a crucial role in revitalizing industry and manufacturing jobs in Lexington. This initiative has been emphasized as essential for fostering purpose and economic opportunities for residents. The park aims to create an environment that not only facilitates job creation but also enhances the overall quality of life within the community.
The groundbreaking of the Legacy Business Park marks a significant milestone for Lexington as it embarks on this ambitious project, poised to reshape the city’s economic landscape for years to come.
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Additional Resources
- Kentucky.com: Lexington Business News
- Wikipedia: Economy of Kentucky
- LEX18: Crime Recap in Lexington
- Google Search: Lexington Economic Development
- Amtrak: Infrastructure Investments
- Google Scholar: Kentucky Business Development
- Kentucky.com: Local Crime News
- Encyclopedia Britannica: Kentucky
- LEX18: Local Arts and Events
- Google News: Lexington Jobs Business Park
