A seven member industrial authority board will be called upon to make decisions regarding development of some 200 acres near the interstate in Lexington. Lexington’s city council gave final approval to establishing the board last week.
The property is part of the city-University of Kentucky land-street swap deal finalized this summer. An additional 50 acres adjacent to this land is already shovel ready.
Lexington Chief Development Officer Kevin Atkins told council it will be some time before any construction on the 200 acres occurs. “This is not an authority that is going to be able to act on its own until property is sold on the initial 50 acres. There’s not going to be any money to put toward the 200 acres,” said Atkins.
The city-UK deal also called for Lexington government handing over portions or all of about two dozen streets around campus. The first 50 acres of the land at Coldstream is scheduled to be transferred to the city in January with the 200 acres coming to the city in 2022.