Lexington Council Backs New Option for Financing Centre Point Garage

Sep 16, 2014

Credit kentucky.com

The cities of Lexington and Midway could work together to move forward the massive downtown Centre Point project. 

The developer, the Webb Companies, is seeking borrowing authority to pay for construction of an underground garage as part of the high rise venture. 

Lexington's Council acted Tuesday to form the Kentucky Development Bond Corporation. The financing method is administered through the Kentucky League of Cities.  Temple Juett is Chief Operations Officer for KLC.  "I think by us being able to issue the bonds and to step in to do that, I think it allayed some problems that the city of Lexington felt they had in actually being able to participate in the financing," said Juett.

Under the plan, neither city would be held financially liable for the bonds. The Midway city council meets Friday morning to consider the agreement.  Webb Companies Attorney Darby Turner says this financing plan should instill more confidence in prospective tenants. 

"This really gives, drops a piece of the puzzle, the financing plan that assures the additional lenders and tenants, prospective tenants the thing is moving forward and gonna get built," said Turner.

Approval would allow for borrowing up to $30 million for construction of the Centre Point garage.  The high rise project includes commercial, office, housing, and hotel facilities.​