Centre Point Bonding Request Rejected by State

Aug 14, 2014

Credit kentucky.com

The six-year downtown Centre Point project has hit another snag. The state has refused to grant developers funds for an underground parking structure.

It's likely the topic will be up for discussion Thursday evening at Lexington City Hall.

The Lexington Council's backing of Developer Dudley Webb's application to borrow 30 million dollars was anticipated to be a formality.  But, the Lexington Herald Leader reports city officials received a letter from the state saying it will not issue 30 million dollars in state bonds.  Webb told the paper he hopes the council will ask the state economic development cabinet to reconsider its decision. 

Susan Straub is spokesperson for Mayor Jim Gray's office. Straub says the city will carefully consider its next steps as key decisions are still being made. In a written statement, Straub said, "Our primary responsibility is to be cautious and minimize any public risk, while at the same time encourage a successful development so the tenants who have already announced their intentions can move in and once again bring jobs and activity to the block."  

The bonding request comes in connection with construction of an underground parking garage as part of the office, hotel, restaurant, and retail project. ​