Lexington and UK looking to swap land and roads
LEXINGTON, Ky. (WTVQ) – Lexington and the University of Kentucky are in negotiations for a swap that would give the city more than 200 acres of land near Interstates 64 and 75 for an industrial or business park, according to the Herald Leader.
In exchange the paper says, UK would get control of portions of approximately 13 acres of roads on and around campus.
The Herald Leader says the announcement comes the day before the Lexington-Fayette Urban County Council is expected to take its first vote on the 2018 Comprehensive Plan, which includes a recommendation to keep Lexington’s current urban service boundary or growth boundary.
Kevin Atkins, the director of economic development for Lexington, said Monday the city started looking for potential land for an an industrial or business park in partnership with Commerce Lexington, several months ago, according to the paper.
They say the city has no publicly-controlled industrial or business park land and that the Bluegrass Business Park, also off of Georgetown Road, is now full.
According to the Herald Leader, UK has tentatively agreed to give the land to the city at no cost in exchange for control of the roads.
The paper says there has not been a timeline set for the deal to go through.
The Herald Leader explains the university needs approval from the state for the transaction, which also involves 50 acres of land in UK’s Coldstream Research Park. That 50 acres could be sold to potential companies. Currently, Coldstream can only lease land to companies.
According to the paper, if it gets state approval to sell land to companies, approximately 50 percent of the money from that sale would go to infrastructure improvements on the 200 acres off of Georgetown Road that the city will eventually control.
The paper says that land is currently used for UK’s dairy operations, which will be moved if the deal goes through as planned.
As part of the deal, the paper says, Lexington will commit $1 million to traffic safety improvements for those roads over 10 years. UK will also commit at least $3 million including up to $1 million within the first year.
According to the Herald Leader, the University of Kentucky will get portions of the following streets in a deal currently being negotiated between the city and the university.
Columbia Avenue between Rose and Woodland
Dixie Court off Columbia
Hilltop Avenue (entire)
Linden Walk between Rose Lane and Euclid
Pennnsylvania Avenue off Columbia
Pennsylvania Court off Columbia
Rose Lane (entire)
Rose Street between Euclid and Columbia (UK has already closed Rose Street from Columbia to South Lime
Woodland Avenue between Rose Lane and Hilltop Avenue
Callahan Alley off Maxwelton Court
Coliseum Alley off Rose Street
Conn Terrace between Elizabeth and South Lime
Elizabeth Street between Transcript and Waller Avenue
Gazette Avenue between Press Avenue and South Lime
Leader Avenue off Press Avenue
Lexington Avenue between Maxwell and Avenue of Champions
Press Avenue between Virginia Avenue and Transcript Avenue
South MLK Boulevard between Maxwell and Avenue of Champions
State Street between Elizabeth Street and South Limestone
Transcript Avenue between Press Avenue and South Lime
University Avenue between Elizabeth Street and South Lime
Warren Court off South Limestone