Council To Consider Endorsement Of CentrePointe Bond Request
The Urban County Council is moving forward with consideration of a $30M dollar application for state bond money by CentrePointe developers.
The council agreed to put the measure on Thursday’s docket without any discussion Tuesday.
A resolution supporting the application is required before Dudley Webb, and the project’s other developers, can apply to the Kentucky Economic Development Finance Authority Board for the dollars. Webb has said he would like the application to be in their hands by August 28.
If approved, the $30M will help pay for CentrePointe’s underground parking garage currently under construction. Lexington officials say the city would not be required to take over debt payments if the developers are unable to produce the funds.
The long-delayed project is set to include a Mariott hotel, office tower, and apartment building.
Update 11:50 PM: Kentucky's top economic development official has informed Lexington officials that the state will not issue the $30M in state bonds for the CentrePointe project.
Read more here: http://www.kentucky.com/2014/08/13/3378960/state-says-no-to-30-million-in.html#storylink=cpy