The city’s newest business park got a big boost Monday with the announcement of a $10 million federal grant to help pay for infrastructure for the project off of Interstate 75 and Georgetown Road.
The $10 million direct allocation from the federal government will complete all needed infrastructure 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,” said Mayor Linda Gorton at a press conference Monday at city hall. “The city needs this revenue to provide services for the people.”
U.S. Rep. Andy Barr, R-Lexington, helped secure the $10 million allocation and was also in attendance Monday.
Funding for the park’s infrastructure approximately $22.4 million has come from federal, state and city money.
In 2018, Lexington acquired the land from the University of Kentucky. In exchange, UK got control of roads around UK’s campus.
“It’s a great day this morning. We are announcing a $10 million federal grant from the U.S. Department of Housing and Urban Development,” said Barr.
“What we are talking about here for jobs and economic development,” Barr said. “This will pay for itself because of the revenue that it will generate as a result of this investment.”
Barr said the park could have more than 1,700 jobs once it is fully developed. The allocation was approved last month.
Lexington Chief Development Officer Kevin Atkins said the city already has started marketing the 23 lots in the industrial park.
“In today’s world, it’s all about speed of development,” Atkins said. If cities don’t have build-ready sites, companies won’t come.
There will be trail systems and green space in the park, which will also benefit nearby residents. In addition, the state’s two-year transportation budget recently included $10 million to widen Georgetown Road near the new park, Gorton said.
In 2023, more people were working in Fayette County than at any other 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 helps the city finance the project without borrowing. If the city had to borrow, it would have likely cost an additional $13 million in interest payments, he said.
Construction is likely to start in the fall on the infrastructure and will take more than 18 months to complete, Atkins said.
The new business park will focus on light manufacturing with an emphasis on agricultural technology, he said.
