Fayette, Madison, Scott counties to create 500-acre business park. Find out where
Fayette, Madison and Scott counties are finalizing plans for a 500-acre regional business park on farmland in Scott County.
The Lexington-Fayette Urban County Council is expected to give final approval in coming weeks for $2.1 million that will go toward the purchase of the property near Great Crossing High School in Georgetown.
This is the first time the three counties have partnered on a regional business park.
A timeline for construction and the cost to build the park have not been determined.
The park will be funded through a combination of local and state dollars, said Kevin Atkins, chief development officer for Lexington.
The state money has not yet appropriated by the Kentucky Economic Development Finance Authority board.
Each county will contribute approximately $4 million for a total of $12 million, Atkins said. The remaining money for Fayette County’s portion will come from state money.
Those participating governments include Lexington, Madison County, Richmond, Berea, Scott County and Georgetown. Those governments will receive a portion of any employee withholding or occupational taxes generated by businesses that locate in the industrial park.
The park will be managed by a regional board whose membership will represent the local governments participating in the regional economic development park.
Documents show the park will be called the Triple Crown Business Park.
How much each government will receive in taxes has not yet been decided, Atkins said.
The creation of the regional park has not been without controversy.
At a July meeting to approve the 2024 Scott County Comprehensive Plan, which guides development and determines what types of development can go where, many people spoke against turning the farmland into a regional business park, according to the Georgetown News Graphic.
The land has been designated for a business park through the Comprehensive Plan. However, a zone change to change the land from an agricultural to a business-type zone is still pending.
This story was originally published October 23, 2024 at 10:43 AM.
