City On Track To Sell Coldstream Property

Oct 10, 2013

The Urban County Council is expected to clear the way tonight for the city to sell its lease on 16 acres at the Coldstream Research Campus.

In 2007, then-Mayor Jim Newberry’s administration inked a deal guaranteeing the city a 100-year lease on the property with the intent of locating a new Emergency Operations Center there. Those plans fell through, however, when the cost of the center ballooned to $42M and the council rejected the proposal, eventually deciding instead to renovate an existing building for $13M.

That left the 16 acres vacant. Now, Mayor Gray, the council, and an economic development client interested in the property are working to rezone the area in order to move forward with the sale. The city’s 100-year lease cost just over $800,000.

Susan Straub, spokesperson for the Mayor’s office, says once zoning and state and local tax incentives are approved, the city will identify the possible tenant.