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.