News Summary
Lexington progresses on economic growth with the groundbreaking of Legacy Business Park, aimed at enhancing job creation and community resources. Under Chief Development Officer Kevin Atkins, initiatives include new parks and housing development, designed to rebound from pandemic effects. The park is expected to create 1,700 jobs and generate significant tax revenues, while new infrastructure will further attract businesses and residents to the area.
Lexington’s Economic Development Initiatives Boost Job Creation and Infrastructure with New Legacy Business Park
Lexington’s economic development team is making significant strides in job creation and infrastructure expansion as the city works to rebound from the impacts of the pandemic. Recent initiatives include company expansions and the groundbreaking for a new 200-acre Legacy Business Park, a project designed to enhance community resources and bolster the local economy.
Chief Development Officer, Kevin Atkins, is leading several efforts to initiate projects that will create job opportunities and improve community facilities. Current initiatives encompass park buildouts, housing clearances, and the exploration of new acreage to include in the Urban Service Boundary. These undertakings are part of a broader strategy to stimulate the local economy and attract new businesses to Lexington.
The construction and site work for the Legacy Business Park are currently underway, while attention is being directed towards the Menelaus Industrial Park in collaboration with Madison and Scott counties. Fayette County has a notable supply of smaller plots available for sale, sized under 10 acres, priced between $225,000 and $300,000 per acre. In contrast, the larger, 300-acre industrial parks will be offered at a competitive price of approximately $10,000 per acre, opening doors for larger businesses and fostering economic growth.
The Lexington-Fayette Urban County Council has approved the development plan for the industrial park, establishing a joint development authority to oversee it. This includes shared revenue generation among county partners, further enriching the area’s economic prospects. Final development designs envision that businesses can operate smaller city offices while placing manufacturing facilities in Berea, which aids in preserving nearby horse farms.
In addition to the Legacy Business Park, the Lexington Sporting Club has rapidly constructed a new soccer stadium that is projected to generate over $92 million in revenue during its first decade of operations. The strategic location of the stadium near an interstate will likely enhance advertising potential and stimulate surrounding development.
Efforts to expand the county’s growth boundary are also in progress, with over 640 acres earmarked for expansion—45% of which is designated for residential use. This expansion could potentially accommodate nearly 5,000 housing units. The Lexington-Fayette Urban County Government’s decision to extend the growth boundary marks the first time since 1996 that such an expansion has taken place, primarily to enhance housing availability in the region.
Initial plans for the growth boundary expansion encompass a total of 2,800 acres that will include housing developments, retail spaces, and designated industrial lots. The economy’s growth strategy emphasizes urban-centered projects that complement ongoing downtown developments, such as convention center improvements and the renovation of local parks.
An independent board will be tasked with managing a mixed-use development project that will consist of a hotel, an apartment complex, a grocery store, and an entertainment venue, with construction anticipated to begin soon.
Once fully operational, the Legacy Business Park is projected to create approximately 1,700 jobs with an annual payroll of around $100 million. The tax revenues produced from the park are expected to contribute about $6.8 million annually to local funding and $4.1 million to state resources. The total investment for the park’s development is estimated at $22.6 million, with the objective of having all necessary infrastructure completed within 18 months.
Funding for this vital project includes $10 million from the U.S. Department of Housing and Urban Development, $2 million from a state grant, along with contributions from local funds and utilities. Lexington’s strategic initiatives are set to revitalize its economy, positioning the city as an attractive location for new business ventures and residential development.
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Additional Resources
- Lane Report: Legacy Business Park Milestone
- Google Search: Legacy Business Park Lexington
- Spectrum News1: Lexington Breaks Ground
- Wikipedia: Economic Development
- FOX 56 News: New Lexington Business Park
- Encyclopedia Britannica: Job Creation
- Kentucky.com: Lexington Economic Development News
- Google News: Lexington Job Creation
