Georgetown, Kentucky – Fayette, Madison, and Scott counties are nearing completion of plans for a 500-acre regional business park located on farmland in Scott County. The Lexington-Fayette Urban County Council is anticipated to grant final approval in the coming weeks for $2.1 million to be allocated toward purchasing the property situated near Great Crossing High School.
This project marks the first collaboration among the three counties on a regional business park. While the exact timeline for construction and total costs remain undetermined, the park will be funded through a combination of local and state financial resources, according to Kevin Atkins, chief development officer for Lexington. The funding includes approximately $4 million from each county, leading to a projected total of $12 million. The balance of Fayette County’s contribution is expected to come from state funds, though these have not yet been appropriated by the Kentucky Economic Development Finance Authority board.
The participating governments include Lexington, Madison County, Richmond, Berea, Scott County, and Georgetown. These local authorities will receive a share of any employee withholding or occupational taxes generated by businesses that establish operations within the industrial park. The park is to be named the Triple Crown Business Park, and it will be managed by a regional board that reflects the member governments involved in the economic development initiative.
Despite its potential economic benefits, the creation of the regional park faces opposition. At a meeting in July concerning the approval of the 2024 Scott County Comprehensive Plan, which dictates developmental guidelines, numerous residents expressed concerns about converting the farmland into a business park, as reported by local sources. Notably, the land has already been designated for a business park under the Comprehensive Plan, but a zone change from agricultural to business-type usage is still pending.
The final decision on how tax revenues will be distributed among the participating governments has yet to be made. As local officials prepare for upcoming council meetings, the future of the Triple Crown Business Park remains a significant topic of discussion within the community.
