KEDFA approves 21c Museum Hotel TIF plan

LEXINGTON, Ky. (Dec. 14, 2012) — The Kentucky Economic Development Finance Authority board approved tax incentives Thursday the 21c Museum Hotel in Lexington, the Lexington Herald Leader reports.

The KEDFA board gave approval to to a tax-increment financing plan for the 21c Museum Hotel, which will be built in downtown’s historic First National Bank Building.

The proposed $37 million project was approved for $500,000 in TIF funding. The $500,000 in public infrastructure improvements will include $450,000 for improvements to curbs and sidewalks, and $50,000 for street lighting, the Herald Leader reported.

The hotel also received approval for $600,000 in tax incentives under a state program that provides refunds of state sales and use taxes paid for certain building and construction materials, the paper said.

Please wait...

Subscribe to the FASTER LANE business newsletter.

Subscribe and receive breaking Kentucky business news and updates daily.