Lexington Neighborhood Looks To Acquire KU-Owned Property
Lexington’s Gleneagles Homeowners Association has its eye on a seven-acre field currently owned by Kentucky Utilities.
Association Vice President Christian Moore says his group discovered about a year ago that KU had no plans to utilize the land. That left them with a few questions for any potential future developers.
"Would they put more apartments in there? Would they put something in that's going to possibly maybe make them a lot of money, but decrease our property value?" he says.
That led the board to consider buying the land as a way of safeguarding it against unwanted development. While the association has no firm plans for the property should they acquire it, some members say a park would be make an ideal addition.
Still, at least one resident isn’t pleased with the plan. Mike Ross has been holding up a sign at the entrance of the community protesting the move, which could cost homeowners a $275 fee to cover the assessment process and higher dues down the line.
Moore says the initial $275 fee will be refunded if the sale falls through. As for dues, he notes those could be on the rise anyway, as Gleneagles' association fees are lower than most in Lexington.
The association will decide whether to move forward with the assessment at its meeting Tuesday.