Lexington Council Ponders Infrastructure Fund Reformation
Lexington, KY – June 30, 2024 – The Lexington City Council is engaged in an insightful review of its public infrastructure fund program.
The council has declared its goal of boosting job creation and accommodation facilities in the city through program enhancements. These intentions emerged during a lively discussion held last week.
Infusing Housing into the Funding Program
During the council discourse, Council Member Liz Sheehan expressed her desire to see housing clearly addressed in the funding program. “I just think the public sees this fund as something that will help us increase housing and so for us to then not put that kind of specific language in here, then is not consistent with what we are hearing from the community and what we have expressed in our comp plan,” said Sheehan.
The comp plan she referred to is the city’s comprehensive plan outlining parameters for residential and commercial development. Alongside meeting housing requirements, Budget Committee Chair James Brown stressed the importance of other infrastructural developments, including sewer systems, water lines, and paving.
Clarifying Loan Allocation Processes
Project proposals for the infrastructure fund program can request interest-free or forgivable loans. The issue of bias when designating loan types was brought to the council’s attention by Council Member Jennifer Reynolds. Her concern was how to ensure fairness and impartiality when determining which projects receive the different types of loans. She advised her colleagues to be cautious about potential pitfalls.
Gifts from the Infrastructure Fund
Significant local ventures have already profited from the infrastructure fund program. An expansion project at Keeneland and a stadium project for a minor league soccer team each received a million dollars in funding. According to the report given by Administrative Officer Craig Benz, these funds were disbursed through a reimbursement system.
The Council has allocated two million dollars for the public infrastructure program in the fiscal year budget, highlighting its commitment to infrastructure and job creation in the city.
