Lexington city leaders are going about the business of deciding how to allocate American Rescue Plan Act funds. One of the items up for discussion is a proposal for $17.5 million to pay for infrastructure costs on 200 acres of industrial-commercial property. Vice Mayor Steve Kay expressed concern about a possible lag between making improvements and securing new businesses. “And we’ve seen enough examples of land that’s been developed or the infrastructure’s been developed so it’s shovel ready that never gets sold. So, that’s my concern,” said Kay.
The existing strategy has been to rely on revenues from development of the already shovel ready 50 acres at Coldstream to pay for additional utilities and roads for the adjacent 200 acres.
More than one Council member said spending just over $17 million in federal ARPA money would greatly speed up development and job creation. That included Preston Worley. “Now we have an opportunity to take what could have been a 20 year grow out and make it a five-year plan and we could start having companies come in here and buying that property or leasing that property and adding to jobs and revenue in this community very, very quickly,” said Worley.
The Council has given initial approval to $10 million for affordable housing and a million dollars to boost VisitLex, the city’s primary marketing entity.
