LEXINGTON, Ky. (WKYT) - On Tuesday morning, the Lexington-Fayette Urban County Council learned more about a proposal to use a special type of financing to help the CentrePointe project.
The workshop was held so council members could get a better idea of how tax increment financing, or TIF, would impact the project. CentrePointe developer Dudley Webb has asked the city for $30 million in bond money. He originally asked the state for the money, but the request was denied. TIF uses tax revenue from developments to fund other projects. The consultant who gave the presentation on Tuesday said it's a tactic used in other cities.
"It's a good tool, communities all across the state are using this now. It's not as common as it has been in other states, only because it's not been a tool that was available to us actively until 2007," says James Parsons.
There are currently seven TIF districts in Lexington. The council plans to have another workshop in about two weeks to discuss the CentrePointe financing.