BEREA, Ky. (KT) – Officials in three central Kentucky counties – Fayette, Madison and Scott – have given their final approval to the creation of a regional business park in Berea, which will become the first public, multi-county economic development project in that part of the state.
Investors in the 300-acre park, which will be in what is now called Menelaus Industrial Park, are the Lexington Fayette Urban-County Government, the City of Berea, Madison County, and Scott County, all of whom have voted to partner together to create a joint development authority to purchase and manage the park. After a 10% hosting fee has been allocated to the City of Berea, each of the three counties will receive 33 percent of the tax revenues created by the park.
“I’ve been working with the leaders in our neighboring counties for quite some time to develop a regional economic development project,” said Lexington Mayor Linda Gorton. “Regional economic development is a winner for everyone. When Central Kentucky’s economy is strengthened, we all benefit. This project will provide good jobs and tax revenue that will allow governments to make improvements.”
The project also qualifies for $5.5 million in Congressionally Directed Funding that Six District Congressman Andy Barr, R-Le3xington, secured in the federal budget. The funding will be used toward the development of the site.
Berea Mayor Bruce Fraley noted, “The leaders of our four communities, including both the executives and legislative bodies, understand that our county lines should not be dividing lines, but must be open doors for collaboration and partnership as we develop the regional economy of the future.”
Scott County Judge Executive Joe Pat Covington stated, “It makes good business sense for communities to collaborate for the common good to attract new business opportunities. Central Kentucky is a regional economy. Our regional partnership will allow our communities to compete with other states in the recruitment of quality businesses, and provide citizens with good paying jobs, and so much more.”
Madison County Judge Executive Reagan Taylor added, “By investing in regionalism, we are laying the foundation for sustainable growth that will benefit not only Madison County, but also our neighboring communities. I want to thank our partners, stakeholders, and community members who have worked tirelessly to bring this project to fruition. Together, we are building a brighter future for our families, businesses, and generations to come.”
link
