Fayette County

Council to vote on resolution to support CentrePointe's application for $30 million bond

CentrePointe construction in downtown Lexington, Ky., on Aug. 5, 2014.  Photo by Pablo Alcala | Staff
CentrePointe construction in downtown Lexington, Ky., on Aug. 5, 2014. Photo by Pablo Alcala | Staff Lexington Herald-Leader

The Urban County Council agreed Tuesday to put a resolution supporting CentrePointe's application for $30 million in state bond money on its agenda for Thursday's meeting.

CentrePointe developers need the city to pass a resolution supporting its application to the Kentucky Economic Development Finance Authorityboard before it can apply. Dudley Webb, one of the developers of the project, has said that they hope to have the application to the board before the Aug. 28 board meeting. The council typically gives resolutions two readings before final passage. However, the council can waive second readings for many resolutions and ordinances. The resolution could and likely will come up for a final vote on Thursday.

The $30 million in state bond money will be used to help finance a three-story, 700-space underground parking garage currently under construction in the center of downtown. The city will not be responsible for making the debt payments and will not be on the hook if CentrePointe developers can not make the payments, city officials have said.

Tax revenue generated from the project will make the debt payments, officials with the Webb Companies have said. Plans for the CentrePointe project include a 12-story apartment building, an 18-floor Marriott hotel and a 10-story office tower, and retail and restaurant space.

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