Legislature approves bill to help Lexington’s CentrePointe development

bmusgrave@herald-leader.comMarch 8, 2013 

A scale model of the latest CentrePointe design placed the hotel tower at the corner of Vine and Upper streets. Dec. 2, 2012.

FRANKFORT — A bill that would help CentrePointe developers recoup costs for a long-delayed downtown development project cleared the General Assembly Thursday. It now goes to Gov. Steve Beshear for his signature or veto.

The Senate gave final passage to House Bill 260 late Thursday night.

The measure lowers the amount of money CentrePointe developers will need to spend before they can start recouping money spent on infrastructure improvements, such as a parking garage. The bill lowers the threshold for a so-called signature tax increment financing project from $200 million to $150 million.

By qualifying as a signature tax increment financing program, financing costs for the project also will count toward the $150 million threshold.

According to Rep. Ruth Ann Palumbo, D-Lexington and sponsor of HB 260, the CentrePointe development will cost approximately $160 million.

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