State OKs tax-increment financing plan for CentrePointe project

ctruman@herald-leader.comJuly 25, 2013 


MARK CORNELISON | 2012 STAFF FILE PHOTO — Lexington Herald-Leader Buy Photo

The Kentucky Economic Development Finance Authority on Thursday approved tax-increment financing for Lexington's amended Phoenix Park/courthouse project, better known as the CentrePointe area.

KEDFA had previously approved financing for the project in 2009.

The amended Phoenix Park/courthouse project is a 14.25-acre development that the city says will include construction and private mixed-use development consisting of hotel, commercial office, retail and residential spaces.

Its total cost will be about $394 million.

The costs eligible for recovery through tax-increment financing include $31.9 million to be spent on a parking garage and $16.9 million of the amount spent for financing it. Tax-increment financing will use tax revenues generated from the project to reimburse developers for the cost of the 700-space garage.

Lexington's Urban County Council on July 8 approved a new CentrePointe master agreement for the project, including plans for a hotel, apartments, space for offices, retailers and restaurants and a three-story underground parking garage.

Other preliminary actions approved by KEDFA on Thursday include:

■ Harbor Steel and Supply Corp. in Lexington: $600,000 in tax incentives for a $2.2 million project to expand its fabricated steel business.

■ Mitsui Kinzoku Catalysts America of Frankfort: $500,000 in tax incentives on a $19.5 million project to manufacture catalytic converters for automobiles and motorcycles.

■ Groupon Goods in Hebron: $600,000 in tax incentives for a nearly $12 million project to lease a warehouse in Northern Kentucky to allow the discount deal company to better service its logistics carriers.

■ Nasty Gal in Shepherdsville: $3 million in tax incentives for a 527,000-square-foot national distribution center for its one-of-a-kind vintage clothing.

■ Clariant Corp. in Louisville: $500,000 in tax incentives for a $71.8 million investment in existing operations to produce industrial catalysts used in chemical and petrochemical industries.

■ Westport Fuel Systems in Louisville: $225,000 in tax incentives on a $3.8 million investment to add a new liquefied natural gas line to support the growth of low-emission natural gas vehicles.

■ Structures USA of Elizabethtown: $200,000 in tax incentives on a $3.3 million project to fabricate steel products for road and rail signs, utility poles and bridge construction.

■ Certi-Cell USA of Louisville: $950,000 in tax incentives for a $1.8 million project to expand production capabilities for the company, which specializes in data clearing, repair and redistribution of cellular handsets.

■ PMC Organometallix of Carrollton: $900,000 in tax incentives for a $16.4 million expansion of the company, which produces stabilizers used in the automotive and construction industries.

■ Park Community Federal Credit Union of Louisville: $160,000 in tax incentives for a $10.1 million investment in a new headquarters building.

■ Jomel Seams Reasonable of Burkesville: $800,000 in tax incentives on a $1 million project to expand manufacture of mattress tops and covers.

Cheryl Truman: (859)231-3202. Twitter: @CherylTruman.

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