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Mon December 19, 2011
Finance Committee Examining Rupp Renovation Options
By Alan Lytle
Lexington, KY – With the Rupp Arena Arts and Entertainment Task Force's approval of a development plan that includes renovation of the historic venue, the question of how to pay for the estimated 300 million dollar project now becomes the central issue.
Project manager Stan Harvey says the group's finance committee will now discuss various public/private options.
"The intent of the entire plan is to involve the private sector as much as possible. So the plan identifies significant opportunities for new private investment in new housing, new commercial retail, new hotel or others over time, retail development around the new Lexington Center. So we would look to both instigate development partnerships, but also to help bring in private money as we look at financing some of the major civic facilities."
Harvey says the Finance Committee is scheduled to present its recommendations to Mayor Jim Gray, the Urban County Council, and the Lexington Center Corporation Board on January 31st.