Distillery District has until March to resurrect tax-increment financing, state officials say
by Beth Musgrave, 12.10.13, Kentucky.com
State economic officials have agreed to wait until March to decide whether a state incentive for the Distillery District, a proposed entertainment district along Manchester Street, should go forward.
Last week, the Urban County Council questioned whether Mayor Jim Gray’s administration could withdraw the application for tax-increment financing for the district Oct. 30 without the council’s knowledge or approval. Tax-increment financing uses tax dollars generated from the project to pay for infrastructure improvements.
When the city applied for the financing plan and the state approved it in 2009, the Distillery District was envisioned as a $190 million development including a hotel. Most of the plan has not materialized…Read more at Kentucky.com
Distillery District revival important to Lexington; new, improved TIF needed
Editorial, 11.14.13, Kentucky.com
It’s hard to imagine an area better fitted to the original purpose of TIFs than the Distillery District.
A TIF — tax increment financing — is a device to capture some of the tax revenue that comes from upgrading a blighted area to pay for some of the upgrades.
We understand why the city decided to withdraw the state TIF application for the area that was approved in 2008. By the same token, we urge city planners to work hard and fast with the area’s developers to create a new, better application to revitalize this important part of Lexington…Read more at Kentucky.com
Lexington’s Distillery District upgrades could cost as much as $23 million
by Beverly Fortune, 3.24.13, Kentucky.com
A preliminary report indicates that it could cost between $14 million and $23 million in infrastructure upgrades to make the Lexington Distillery District project move forward.
Mike Woolum, vice president of Strand Associates, hired to conduct a feasibility study on needed infrastructure improvements in the proposed arts and entertainment district, gave an update this week to members of the Urban County Council’s Environmental Quality Committee.
He identified five critical infrastructure challenges that have to be addressed in the Distillery District, which runs along Manchester Street from Oliver Lewis Way to Forbes Road…Read more at Kentucky.com
“Firm to provide update on Lexington’s Distillery District” by Beverly Fortune, 2.12.13, Kentucky.com
“Lexington Distillery District designers show plans to the public” By Josh Kegley, 11.18.11, Kentucky.com
“Meeting to discuss ideas for Distillery District set for Thursday“ By Karla Ward, 11.15.11, Kentucky.com