The BFED Committee hears updates on the FY 24 Budget and Coldstream Business Park
Update:
At the Budget, Finance, and Economic Development (BFED) Committee meeting on August 22nd, Councilmembers heard a presentation from the Lexington-Fayette Urban County Industrial Authority, which oversees Coldstream and the Legacy Business Park.
The Industrial Authority gave a presentation about their current projects, mainly the Coldstream Research Park. This project is still in Phase I so it is too early to tell what the profits will be, but the Industrial Authority says several businesses have been interested in moving to the area. The Authority is almost through working up the construction documents and hope to start groundbreaking early next year to prepare the land for businesses to move in.
You can view the BFED presentation here. No action was taken at this meeting.
Council’s Budget, Finance, and Economic Development (BFED) Committee will meet this week to hear the monthly financial update on the City’s budget.
One month into Fiscal Year ‘24, the city has a budget surplus of $3,466,413.
This number could change between now and the Quarter 1 Financial Update, as numbers continue to be finalized and as the City undergoes a financial software update.
The BFED Committee will also hear an update from the Lexington-Fayette Urban County Industrial Authority, which oversees the development of the Coldstream and Legacy Business Park project.
Coldstream is a 50 acre site. At the moment, 3 lots have been sold, 3 are under a Letter of Intent to be purchased by companies, and 2 lots remain available.
The Legacy Business Park, which is a 200 acre site, is still in the planning phase as the City begins assessments on construction and utility needs and works to engage potential companies. Phase I of the development process is funded and will be completed in 2025. Phase II will require $10.2 million of additional funding.
You can view the BFED presentations here.
The Budget, Finance, and Economic Development Committee Meeting will be held on Tuesday, August 29, 2023 at 1pm in Council Chambers. You can attend in person or watch live on LexTV.
