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Mayor Gray Says He's Looking Forward, Remaining Optimistic About Centre Pointe

Lexington Herald Leader

There may not be any construction going on right now at Centre Pointe in downtown Lexington, but some city leaders remain optimistic that the project can move forward.

This past April, Centre Pointe developer Dudley Webb was sent a letter by city attorneys stating that excavated parking garage needed to be re-filled immediately because work had long stopped at the site.  Webb told the Urban County Council work was continuing and that he was working that finances were being worked out to complete Centre Pointe.  He was given a 90-day extension which ended last week. 

On Friday city attorney Mason Miller sent a statement saying "The developers have reached an agreement in principle with a third party to develop the project.”  Tuesday morning we asked Mayor Jim Gray is this was a game-changer.  “Whenever there’s an agreement in principal that means that there’s been a lot of due diligence, a lot of work that’s been done.  That means that any group has come up with some, what’s called ‘term sheet’ and the terms of an agreement and so that gives a level of optimism, can give a level of optimism in any transaction or any deal that’s progressing”

Mayor Gray said he couldn’t give any further details and at the time of this report, we haven’t been able to reach anyone with The Webb Companies for comment.