The Lexington City Council has given the first reading for one-million-dollar incentives for two high-profile projects in Fayette County. Both relate to sporting activities.
One of the million-dollar incentives pertains to the Lexington Sporting Club as the pro soccer team moves forward with construction of a new stadium near Interstate 75. Lexington Sporting Club President Vince Gabbert said the forgivable loan will allow the pro franchise to get to the market quicker.
“We were ready to move forward. This just allows us to do more in a more efficient manner. So, our project and our plans are still the same, but this will allow us to expedite it, knowing that we’ve got these incentives in place,” said Gabbert.
Gabbert said construction on the stadium with initial seating at more than 5000 is expected to begin in the next 60 days. Plans call for play at the new stadium next August.
Gabbert said attendance during the inaugural season at a temporary venue in Georgetown ranked in the top five in the league throughout the season.
“Even toward the end of the season as our record was not a great as we wanted it to be and we weren’t really making a playoff push the last three or four games. So, our attendance held in really strong but we’re real excited, we think that having the venue in Lexington will only bolster that attendance and help us to move forward,” said Gabbert.
The Lexington City Council also gave first-reading backing for $1 million out of the infrastructure fund to go toward Keeneland’s $93 million renovation and expansion project. The financial incentives are reimbursement-based and not on the front end. A final vote is expected at the Council’s next meeting.
Chief Development Officer in the Mayor’s Office Kevin Atkins noted the soccer club package also includes a payroll abatement provision for new employees. He added under the agreement with Keeneland the project must be built within five years. Atkins said there are clawback provisions in each package if the requirements are not met.
* WEKU is working hard to be a leading source for public service, fact-based journalism. Monthly sustaining donors are the top source of funding for this growing nonprofit news organization. Please join others in your community who support WEKU by making your donation
