GEORGETOWN, Ky. (WKYT) – The future of a proposed ‘Triple Crown’ regional business park in Georgetown will look different after the city of Richmond voted against participating in the project and putting up $500,000 for it.
It was set to involve six government entities across Scott, Fayette and Madison Counties. But after around an hour of discussion Tuesday night in Richmond, that number went down to five.
Richmond voted 3-2 against the motion, with Mayor Robert Blythe delivering the final vote. It deals a blow to the project’s finances, as each participant’s funding would be matched through the state’s KPDI grant.
“If Richmond were to put in $500,000, your equity ownership is now $1 million,” said Lucas Witt, a consultant on the project.
Fiscal courts in Madison and Scott Counties have approved the project, as has the city of Berea.
But they will have to find a way forward without Richmond, with one dissenting commissioner noting Tuesday that their citizens didn’t approve of the proposal.
“I think this is a great idea,” said Commissioner Jim Newby. “But some constituents have called me to express their concerns…and regrettably, I haven’t been able to convince them otherwise.”
Tyler Glick, a spokesperson working with the partners, says they are now “working toward a revised revenue sharing arrangement.”
His full statement went on to say: “The revised agreement will go before the respective legislative bodies for consideration. There continues to be tremendous regional cooperation on the business park, and beyond recognizing the benefits of regional economic development collaboration, the partners also see the advantages of working jointly to access special state and federal grants, create revenue and jobs, and move Central Kentucky’s economy forward.”
Meanwhile, Lexington’s Urban County Government and Georgetown City Council have yet to vote – the latter of those two now looms particularly large.
“The obvious problem would be if Georgetown or Scott County voted no, the project just wouldn’t happen,” Witt said. “You can’t do it without them.”
Scott County’s Fiscal Court meeting agenda for Thursday has been updated to include discussion of an ‘amended interlocal agreement.’
Lexington is also set to vote on the project Thursday, while Georgetown will decide next Monday, October 28th.
If the remaining partners agree to the revisions, they still need final approval from the state’s economic development cabinet. That all has to be done by December, according to Witt.
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