Opportunities & Incentives
LDDA advises developers regarding potential funding, grant, and incentive opportunities
Assisting local and out-of-town developers with planning and implementation of development and redevelopment projects in urban Lexington is a primary focus of the Lexington Downtown Development Authority (LDDA).
There is new interest in downtown that has resulted in many new mixed use and residential projects scattered throughout the downtown. Since 2005, over 350 new residential units have opened. There are currently over 100 residential units under construction and over 300 units on the drawing board. Over 20 different projects in all, with various residential options and over 150,000 sq. ft. of retail space worth over $500 million.
Tax Increment Financing (TIF)
The Kentucky General Assembly has clarified legislation outlining three (3) distinct Tax Increment Financing Programs (TIF) that include the following:
- Local Revenue Only Development Areas
These areas are for development projects not utilizing state revenues and requiring no review or authorization from the state. - Infrastructure Development Areas
Infrastructure development includes acquisition of real estate within a development area and the construction or improvements within the area. Applications for approval of development areas are submitted to the Cabinet for Economic Development. The Cabinet determines whether the development area application should be assigned to Kentucky Economic Development Finance Authority (KEDFA) or the Tourism Development Finance Authority (TDFA) for further consideration and approval. - Project Specific Development Areas
Project specific areas are defined as property, assets, or improvements for public purpose and include development of facilities for residential, commercial, industrial, recreational, open space, or any combination that contributes to economic development. Applications for approval of development areas are submitted to the Cabinet for Economic Development. The Cabinet determines whether the development area application should be assigned to Kentucky Economic Development Finance Authority (KEDFA) or the Tourism Development Finance Authority (TDFA) for further consideration and approval.
In an effort to increase homeownership opportunities among Lexington’s workforce, the Lexington-Fayette Urban County Government (LFUCG), University of Kentucky (UK), and Samaritan Hospital have announced the city’s first Employer-Assisted Housing (EAH) benefit plan for employees. This program is a joint venture between the Lexington Downtown Development Authority (LDDA), Fannie Mae, Lexington-Fayette Urban County Government, University of Kentucky, and Samaritan Hospital. Through the initiative called “Live Where You Work,” the employers will provide eligible employees with a forgivable loan of up to $15,000, housing information and education, and innovative financing options. The initiative promotes urban revitalization by targeting homes in downtown Lexington and the UK area.
For more information contact the following:
University of Kentucky employees
www.uky.edu/HR/benefits/EAHP/
Lexington-Fayette Urban County Government employees
www.lexingtonky.gov/index.aspx?page=167
Samaritan Hospital employees
Phone: 859.226.7001