Future private developments in Lexington that include public sidewalks, bus stops, or bike-pedestrian facilities could benefit from an infrastructure fund. Council Budget Committee members got an update on the fund program last week. Kevin Atkins is the chief development officer in the mayor’s office.
“We wanted an emphasis on underutilized vacant and mixed-use projects. But projects that also had an economic benefit and provided economic opportunities for the community,” said Atkins
Atkins said funded projects must be built inside the urban service boundary. He said the gap financing could pertain to commercial projects with a broader public use aspect. Atkins said the maximum award would be $500,000 and projects must start within a year and be completed within two years.
He cited the Summit retail development as an example of how this pot of money might be used. Atkins noted a large retention basin was part of the Nicholasville Road commercial development.
“It was built not only for that project. The project needed it to go. But it was also done to relieve flooding in the neighborhood on the back side of that project that has flooded historically. So, there was the public purpose for that project,” said Atkins.
The Council gave preliminary approval to the funding mechanism last week.
