After the State denied issuing $30 million in bonds for the Centre Pointe project, members of the Urban County Council said they will consider it.
Thursday’s Lexington Fayette Urban County Council meeting got started with questions about CentrePointe. Kevin Adkins, Lexington’s Chief Development Officer, said the application process to receive TIF funds could begin once developers submitted required information and requests. “The administration will consider a plan where LFUCG would issue TIF revenue bonds. This consideration requires due diligence in answering questions that have not been necessary to submit to LFUCG to date.”
CentrePointe lawyer Darby Turner told council members that the project was “in a good place” and responded directly to Councilwoman Shevawn Akers who had concerns that there would be a lack of funds to continue construction of the three-story underground parking garage. Turner said “They’re pouring concrete right now….the project is not stalled.”
Darby Turner said the council had agreed to issue TIF bonds in 2008, but Attorney Mason Miller who represents the city said a TIF agreement reached in 2013 which did not guarantee issuing of bonds superseded that agreement. The council did agree to hold a special meeting on the CentrePointe issue; so far a date has not been set.
Turner told the council that the applications should be completed within the next 10 days. The CentrePointe plans include an office tower, apartments, hotel, retail and restaurant spaces.