Support the continued funding for Economic Development grants and the Commonwealth Infrastructure fund, as well as Lexington’s Public Infrastructure Fund.
The Lexington-Fayette Urban County Council started an Economic Development Grant to help with “funding projects that will positively impact economic and workforce development in the City of Lexington.” The funding will be used for training/retraining, entrepreneurial support, employment re-entry, work-based learning and/or skills certification scholarships, and/or potentially other services related to economic development.
Another incentive provided by the Lexington-Fayette Urban County Government is the Jobs Fund, for which businesses may apply in return for a commitment to creating and retaining a minimum number of jobs for a particular time period. Priority is given to those businesses involved in advanced manufacturing, technology, professional shared service operations, or healthcare. Industrial revenue bonds are also available for application through the Economic Development office for the City of Lexington.
Six Kentucky banks have launched the $150 million Commonwealth Infrastructure Fund (CIF), which is a private fund to support public-private partnership (P3) projects in Kentucky. The P3 was passed last year (HB309) to establish a process for local governments to partner with private firms to finance large capital projects that might not be otherwise possible. The funds can be used to repair and replace roads and bridges, water and sewer systems, student housing, and treatment centers. Further, funding for Lexington’s own Public Infrastructure Fund, which has been stalled recently, should also be strongly considered as a method to help promote the Comprehensive Plan’s infill and redevelopment priorities.