Fact✓Check | FCPS board to vote on tax plan for developers

LEXINGTON, Ky. (WKYT) - Fayette County Public Schools leaders are expected to approve the district’s tentative budget Wednesday night. The board will also consider whether to give two developers tax exemptions in exchange for what they are calling larger payments.

The developers want to use industrial revenue bonds to fund their projects. If they do, they will need to negotiate payments in lieu of taxes, or PILOTs, with the district.

Developers said creating Midland Station apartments could bring in $732,216 more in the next 10 years than what they currently get in taxes on the vacant property.

The Rose Tower Development is a 15-year deal. It is not a new build, but a renovation of an already existing property. Developers would pay the district $195,000 upfront. They would also pay $65,000 in the first year and increase 3% each year following.

If that amount was not equivalent to what the district was already getting in taxes on the property, the developer would pay the difference. The board is expected to vote on the measures during the Wednesday night meeting.