Lexington's Urban County Council approved an ordinance Thursday that established the Red Mile Development Area, allowing the developer to apply to the state for $54 million in tax-increment funding. The money would be used for infrastructure improvements at the proposed $190 million development, which will include restaurants, retail and condominiums on part of The Red Mile Standardbred track property on Red Mile Road.
The council held a public hearing on the proposed $119 million Turfland Town Center as part of an application for $39 million in tax-increment financing for infrastructure. Rub loff Development Group proposes to build offices, stores, restaurants and housing on the 25-acre site of Turfland Mall on Harrodsburg Road. The council now must wait 30 days before approving the development area and sending the financing proposal to Frankfort.
In addition, the council sent amendments to the Planning Commission that will regulate rental property, particularly in neighborhoods around the University of Kentucky.
The amendments would change the definitions of a boarding house; lodging house; family, single-family and two-family dwellings; and add definitions of functional family and fraternity or sorority house, among other changes. The Planning Commission has 60 days to approve, reject or modify the proposed changes, plus hold a public hearing.