News Summary
Lexington has commenced construction on the Legacy Business Park, a 200-acre development expected to create 1,700 jobs and generate millions in tax revenue annually. This project is integral to the city’s economic growth, with substantial planning and funding efforts spanning nearly seven years. The park, located near major interstates and featuring greenspaces, aims to attract diverse businesses and enhance local infrastructure.
Lexington Breaks Ground on New 200-Acre Business Park Promising 1,700 Jobs and Millions in Tax Revenue
Lexington has officially broken ground on the Legacy Business Park, a significant development spanning 200 acres that is expected to create nearly 2,000 jobs upon completion. Mayor Linda Gorton announced the groundbreaking during a ceremony on Wednesday, marking a crucial step for local economic growth.
The Legacy Business Park will generate approximately $6.8 million in local tax revenue and an additional $4.1 million in state tax revenue each year, contributing substantially to the city’s financial health and public services. This investment is part of a larger vision to enhance the economic landscape of Lexington.
Location and Development Features
Situated northwest of the Coldstream Research Campus and conveniently located near Interstates 64 and 75, the park includes 19 lots totaling 147 acres designated for development. The design incorporates greenspaces and trails, ensuring connectivity to the city’s established Legacy Trail, allowing for biking and pedestrian access throughout the area.
Planning and Funding History
The planning and development of the Legacy Business Park has taken nearly seven years, with collaboration between the City of Lexington and the University of Kentucky. In 2017, a pivotal land exchange agreement allowed the city to gain control over 250 acres of university-owned land in exchange for street maintenance agreement. The park will utilize 200 acres of this land, while the remainder will continue to serve development at the Coldstream Research Campus.
Since October 2019, the city has successfully sold over 17 acres of the land in the business park and has another 19 acres pending sale, amassing more than $1.65 million in land sale proceeds. U.S. Representative Andy Barr has played a crucial role in securing a $10 million federal grant aimed at enhancing infrastructure development in this business park.
Investment and Funding Sources
The total estimated investment in the Legacy Business Park is projected to be $22.6 million, sourced from a combination of federal, state, and local funds. Key contributions come from the Kentucky Product Development Initiative amounting to $2 million, alongside $200,000 from Kentucky Utilities as matching grant funds. The city has also allocated $2.55 million from the American Rescue Plan Act and an additional $7.45 million from capital funds.
Business Park Design and Use
The Legacy Business Park is designed to facilitate light industrial use, accommodating manufacturing, processing, and packaging of smaller products or parts. The flexibility of property boundaries within the park allows prospective tenants to adapt the space to meet their needs.
Gresham Smith is responsible for the park’s overall design, while Cushman & Wakefield will manage real estate services and marketing for the available lots. Construction at the site is being overseen by ATS, the main contractor engaged for the development project.
Community Impact and Future Vision
The groundbreaking of the Legacy Business Park signals a commitment to fostering manufacturing jobs and community investment, as emphasized by former Mayor Jim Gray during the event. The various agreements related to the project aim to fulfill the mission of creating a healthier and wealthier Kentucky through strategic collaborations and partnerships.
The Legacy Business Park promises to reshape the economic landscape of Lexington, providing new opportunities for residents and contributing to long-term growth in the region.
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Additional Resources
- Kentucky.com: Lexington Breaks Ground on New Business Park
- Wikipedia: Business Park
- Democrat & Chronicle: TD Bank Branch Closures
- Google Search: Lexington Business Park
- Kentucky.com: Kentucky State News
- Encyclopedia Britannica: Economic Development
- Good Morning America: News Video
- Google News: Lexington Economic Development
