Home » Urban County Council takes step to sell Coldstream lease

Urban County Council takes step to sell Coldstream lease

LEXINGTON, Ky. (Oct. 8, 2013) — The Urban County Council on Tuesday took the first step toward selling a long-term lease the city holds on 16 acres at Coldstream Research Campus, Mayor Jim Gray said.

The city and Commerce Lexington are working with an economic development client interested in the property. Under the terms of the proposed agreement with the client, the sale would not be final until the property is rezoned and the business is approved for state and local tax incentives. At its Thursday night meeting, the council is expected to vote on a resolution to initiate the zone change.

The city signed a 100-year lease on the Coldstream property for $815,850 in 2007, planning to locate an Emergency Operations Center there.

“The cost of the emergency center ultimately skyrocketed to $42 million and council said no,” said Gray, who led the opposition as vice mayor in the fall of 2008.

Gray and the council have instead finalized plans to reuse an existing building, the old Juvenile Justice Center on Cisco Road, for the emergency center, with a significantly reduced price tag. The estimated cost is $29 million less than the earlier plan.

Work on the old Juvenile Justice Center is expected to cost $13 million, including renovation and equipment costs. The city has already secured $3 million in federal grants for the project.

As soon as the incentive application process is concluded, the company will be identified.