Central Kentucky Business Park Authority Formed to Boost Regional Economic Growth
Berea, Kentucky – A new initiative to develop a regional business park in Central Kentucky has officially taken shape with the signing of an inter-local agreement among key local officials. Madison County Judge Executive Reagan Taylor, Berea Mayor Bruce Fraley, Scott County Judge Executive Joe Pat Covington, and Lexington Mayor Linda Gorton gathered to formalize the creation of the Central Kentucky Business Park Authority.
The inter-local agreement was signed on December 12, 2024, following the Lexington/Fayette Urban Council’s approval, which was crucial to ensure participation by all involved counties. This new collaborative effort marks a revitalization of a previous attempt that faced significant opposition from Richmond and Georgetown residents, leading to the proposal’s rejection.
Jim Newby, a commissioner who previously opposed the plan, stated that misinformation contributed to the prior rejection, which has since been addressed to garner full support from local stakeholders. Richmond will not participate in the newly formed authority, as both Newby and fellow Commissioner Mike Brewer opted out of the agreement.
The proposed business park will span 300 acres within the existing Menlaus Industrial Park, an area already zoned for business use. Lexington has committed $2.1 million to the project, with an additional $5.5 million allocated through federal funding secured by Congressman Andy Barr. Despite the funding commitments, exact development costs are still being finalized.
Economic provisions from the agreement state that once the park becomes operational, Berea will receive a 10 percent hosting fee, while participating counties will split 33 percent of the tax revenues generated by businesses within the park. This initiative aims to enhance economic growth in Madison County, creating new jobs and higher-paying employment opportunities for local residents.
However, questions remain regarding the implications of this collaborative endeavor for Richmond and its own industrial park, which recently celebrated the establishment of build-ready pads. The competitive landscape for attracting new businesses may alter given the formation of this regional park, prompting discussions about possible impacts on Richmond’s economic strategy.
Ultimately, what was once viewed as a setback for Berea and Madison County has now become a promising opportunity for joint growth and collaboration in Central Kentucky.
