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Fayette County Courthouse To Make Use of Historic Tax Credit

Sydney Poore
Wikimedia Commons

Lexington’s Urban County Council heard plans  Tuesday on how the city will fund repairs to the Fayette County Courthouse.  In a presentation, Jennifer Wuorenmaa of the Office of the Chief Adminstrative Officer told the council that they would seek private funds from the Historic Tax Credit. However, since nonprofits, including the Urban County Government, aren’t eligible, the city would need to create two private legal entities. 

“It (Historic Courthouse General Partner) with the tax credit investor, they form this Historic Courthouse Landlord LLLP.  They can use tax credits, and that’s why we have to form this group.  We just found out two weeks ago that the Historic Courthouse General Partner, the board of that group, can be made up of LFUCG employees," she said.

Wuorenma says this method will allow the Urban County Government to maintain greater control of the rehabilitation project, while providing a return on investment for any private tenants, who legally need to lease at least 51% of the building.  The city has provided $22 million in budgetary funds, and plans to award an architectural contract this month.  More information on the plan can be found atlexingtonky.gov

Chase Cavanaugh first got on the air as a volunteer reader for Central Kentucky Radio Eye, a local news service for the visually impaired. He began reporting for WUKY in February 2012, after receiving his Master’s degree from the University of Kentucky’s Patterson School of Diplomacy and International Commerce.