Lexington sells ArtsPlace to local arts group for $100,000. It’s worth $1.9 million
The city of Lexington has agreed to sell ArtsPlace on North Mill Street to LexArts, a nonprofit arts group, for $100,000.
A resolution approving the sale was approved Tuesday by the Lexington-Fayette Urban County Council.
ArtsPlace is leased to LexArts for $12,000 a year. The lease expired in 2018 after several extensions were granted. The city takes care of all maintenance and repairs over $5,000. LexArts is responsible for other expenses including cleaning, utilities and management of the building.
A subcommittee of the Lexington-Fayette Urban County Council recommended the city consider selling ArtsPlace to LexArts in early January.
It was one of three buildings the group recommended the city explore selling to generate cash and slash its maintenance and overhead costs.
The 1904 building is worth $1.9 million, according to a recent appraisal.
General Services Commissioner Chris Ford said over the past four years, the city has spent $800,000 on maintenance and other costs associated with the building at 161 N. Mill Street. The city felt that selling the building to LexArts would decrease its maintenance costs over time and support the city’s arts community, Ford said.
As part of the condition of sale, the building must be used to house community arts programs for 10 years.
In addition to housing LexArts, the building is also home to other nonprofit arts groups, which pay rent to LexArts, helping the organization generate additional income.
“LexArts can manage the $100,000 purchase price without it affecting its arts programming,” said Ford. “It’s going to be a great opportunity for the arts community in both the near and long term.”
The subcommittee also recommended the city look at selling Morton House to The Nest, a nonprofit that serves family and children. The city is still exploring all of its options, Ford said. Morton House, 530 N. Limestone St., is located in Duncan Park. The Nest currently leases the property from the city.
“We are going to continue where feasible to explore potential cost savings and revenue opportunities for the city,” Ford said. “We will also look hard to make sure that it’s a good investment for both parties -—the city tax payer and our partner agencies that may be involved in these transactions..”
The third building the subcommittee recommended the city explore selling is a former fire station on New Circle Road, which currently houses some of the fire department’s community paramedicine program and some of its training staff. The city is currently exploring whether it can bring multiple fire department staff who are currently in multiple buildings across the city under one roof, Ford said.
This story was originally published December 9, 2021 at 10:15 AM.
