The city's newest business park received a big boost Monday with the announcement of a $10 million federal grant for infrastructure improvements for the project along Interstate 75 and Georgetown Road.
A $10 million direct allocation from the federal government will complete all the infrastructure needed for the 200-acre park, city and other leaders said.
“This new business park means jobs for our residents and tax revenue for our city,” Mayor Linda Gorton said Monday at a news conference at City Hall. She said, “The city needs this revenue to serve people.”
U.S. Rep. Andy Barr (R-Lexington) also helped secure the $10 million allocation and was also present Monday.
Approximately $22.4 million in funding for the park's infrastructure comes from federal, state and city funds.
In 2018, Lexington acquired the land from the University of Kentucky. In return, the UK gained control of the roads around UK's campus.
“This morning is a great day. We are announcing a $10 million federal grant from the U.S. Department of Housing and Urban Development,” Barr said.
“What we're talking about here is jobs and economic development,” Barr said. “This investment pays for itself because it generates a return.”
Barr said the park could create more than 1,700 jobs once fully developed. The assignment was approved last month.
Kevin Atkins, Lexington's chief development officer, said the city has already begun marketing 23 lots in the industrial park.
“In today's world, speed of development is everything,” Atkins says. If a city doesn't have ready-to-build space, businesses won't come.
A trail system and green space will be maintained within the park, which will also benefit nearby residents. Additionally, the state's two-year transportation budget recently included $10 million to widen Georgetown Road near the new park, Gorton said.
More people were working in Fayette County in 2023 than at any point in the county's history, Atkins said.
“Our economy is strong. It's healthy and, most importantly, it's growing,” Atkins said.
Atkins said the $10 million will help the city finance the project without going into debt. He said if the city had to borrow, it would likely incur an additional $13 million in interest payments.
Construction of the infrastructure will likely begin in the fall and is expected to take more than 18 months to complete, Atkins said.
He said the new business park would focus on light industry with an emphasis on agricultural technology.