Urban County Council Takes Step To Sell Coldstream Lease

Urban County Council Takes Step To Sell Coldstream Lease

The Urban County Council on Tuesday took the initial step toward selling a long-term lease the city holds on 16-acres at Coldstream Research Campus, according to Mayor Gray.
On Tuesday, the Urban County Council took the initial step toward selling a long-term lease the city holds on 16-acres at Coldstream Research Campus, according to Mayor Jim Gray.

The city and Commerce Lexington are working with an economic development client interested in the property, according to a release from the city.

Under the terms of the proposed agreement with the client, the sale wouldn't be final until the property is rezoned and the business is approved for state and local tax incentives.

The Urban County Council is expected to vote at its Thursday night meeting on a resolution to initiate the zone change, according to the city's news release.

The city signed a 100-year lease on the Coldstream property for $815,850 in 2007, planning to locate an Emergency Operations Center there.  Due to high costs, the center was never built.

The old Juvenile Justice Center on Cisco Road is going to be renovated as the new Emergency Operations Center at an estimated cost of $13 million. 

The city has already secured $3 million in federal grants for the project.
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