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Fri November 1, 2013
Summit Project Set To Receive TIF Approval
The Summit development proposal off Nicholasville Road and Man o’War Boulevard has been awarded preliminary approval for tax increment financing.
TIF allows developers to use future gains in state and local tax revenues to finance the current improvements that will create those gains.
The Urban County Council granted a zoning change for the 60-acre project in September. Now the development could receive economic incentives for $26.5M in public infrastructure needs, though a final development plan still requires city approval.
The Lexington Herald-Leader notes that the project could be a first under a new state law passed in 2012 that expanded TIFs to mixed-use projects. According to the Kentucky Economic Development Finance Authority, the proposed development is set to include 20 separate buildings, 40,000 square feet of retail and restaurant space, and 350 residential units.