Georgetown, Kentucky Plans New Regional Business Park
Georgetown and Scott County have proposed a revenue-sharing agreement for a new regional business park expected to stimulate economic growth in the area. The joint work session involving Scott County Fiscal Court and Georgetown City Council took place this week to discuss the project, officially named the Triple Crown Business Park.
The initiative proposes to allocate 40 percent of the park’s revenue, after expenses, to Georgetown and Scott County governments. The detailed draft interlocal agreement reveals that Georgetown and Scott County would split the first 10 percent of net revenue distributions, followed by each receiving 15 percent of the remaining revenue. The remaining percentages will be shared with the Lexington-Fayette Urban County Government (30 percent), Madison County (15 percent), and Berea and Richmond (7.5 percent each).
Secretary Jeff Noel of the Kentucky Cabinet for Economic Development emphasized the project’s importance during the session. He noted that having ready-to-develop land is crucial for attracting businesses, specifically highlighting that companies typically seek an average of 348 acres for their operations. “We have a goal, a threshold of what we try to attract in terms of wages for those jobs, and it is basically a minimum of $27.50 per hour plus full benefits,” Noel explained.
The business park is expected to be situated on the approximately 500-acre Wiles Farm property, strategically located along the western bypass. The prospect of establishing the park has garnered support from local officials, with Georgetown Mayor Burney Jenkins stating, “We are looking at this as a way to pay for future services,” as operational costs continue to rise.
Potential amenities for the park could include walking trails and green spaces to enhance the quality of life for residents, as noted by Magistrate David Livingston. However, concerns regarding increased traffic in the area were raised by Council Member Todd Stone, prompting a discussion on traffic safety and management.
The project will also be governed by a regional industrial development authority, which will operate as a non-profit entity. Annie Tyler Morgan, an attorney involved in drafting the agreement, confirmed that the governing board will consist of six members appointed by the partnering governmental bodies. These board members will serve staggered terms without receiving a salary.
Financial advisor Michael George clarified that while revenues will flow through the industrial authority, some school district taxes would benefit the local school district directly, indicating a broader net positive impact on the community.
Moving forward, Scott County Judge Executive Joe Pat Covington has indicated a strong commitment to seek federal and state funding to offset development costs. “We are going to collaboratively and aggressively pursue federal and state dollars to help offset the cost,” Covington remarked.
The interlocal agreement is expected to be presented at future meetings for further discussion. As the community weighs the benefits and concerns associated with the business park, it remains focused on how best to utilize the land while balancing local impacts.
