Fayette Alliance Supports Historic Land Swap, Council Approves Agreement
Fayette Alliance supports historic land swap between City of Lexington and University of Kentucky; Urges protections for and participation of impacted neighborhoods.
UPDATE 7.6.17: Council approves historic land swap with University of Kentucky
In November, the city and UK announced a tentative agreement that would give the city 250 acres for economic development. In exchange, UK would get control of several streets around its campus. Last week, city officials presented final details of the agreement, which has already been executed by UK.
For many years, economic development professionals and city leaders have expressed the need for “shovel ready” land to attract high-wage paying businesses that benefit Lexington’s economy and quality of life. City government, and the necessary services it provides, is funded primarily through payroll taxes. Thus, having available land to attract high-wage employers benefits our entire community.
The agreement also includes the city transferring ownership of several streets or portions of streets around UK’s campus. Employment land is precious, but so are the neighborhoods impacted by the street swap. Neighborhoods must be centrally involved in the process going forward.
We applaud Mayor Gray and President Capilouto for working in partnership to make this long-sought goal a reality. The land swap presents Lexington with a once-in-a-generation opportunity to attract the type of innovative businesses that create new products and jobs and improve the quality of life for all our citizens.