The Urban County Council tonight gave final approval to the creation of a regional business park in Berea, the first public, multi-county economic development project in Central Kentucky.
Investors in the 300-acre park, to be located in what is now called Menelaus Industrial Park, are the Lexington Fayette Urban-County Government, the City of Berea, Madison County, and Scott County, which have all given final approval to partner together to create a joint development authority to purchase and manage the park. After a 10% hosting fee has been allocated to the City of Berea, each County will receive 33% of the tax revenues created by the park.
“I’ve been working with the leaders in our neighboring counties for quite some time to develop a regional economic development project,” Lexington Mayor Linda Gorton said. “Regional economic development is a winner for everyone. When Central Kentucky’s economy is strengthened, we all benefit. This project will provide good jobs and tax revenue that will allow governments to make improvements.”
The project also qualifies for $5.5 million in Congressionally Directed Funding that Congressman Andy Barr secured in the federal budget. The funding will be used toward the development of the site.
Berea Mayor Bruce Fraley said, “It is a true pleasure to work with visionary leaders who are committed to working collaboratively for the greater good of our respective communities and the broader region. We have been working tirelessly for 20 months to develop the framework for this Regional Business Development Authority, which will be the first of its kind in the Bluegrass Region. The leaders of our four communities, including both the executives and legislative bodies, understand that our county lines should not be dividing lines, but must be open doors for collaboration and partnership as we develop the regional economy of the future.”
Scott County Judge Executive Joe Pat Covington said, “It makes good business sense for communities to collaborate for the common good to attract new business opportunities. Central Kentucky is a regional economy. Our regional partnership will allow our communities to compete with other states in the recruitment of quality businesses, and provide citizens with good paying jobs, and so much more. I am proud of the work that has gone into the establishment of the Central Kentucky Business Park Authority, and I am grateful for the leadership and vision of the Scott County Fiscal Court, and that of our partners in Madison County, Berea and Lexington.”
Madison County Judge Executive Reagan Taylor said, “Madison County is proud to announce our continued commitment to regional economic growth through the development of the Regional Business Park in Madison County. This initiative is a testament to our belief in collaboration and innovation as key drivers for long-term prosperity. Our region is uniquely positioned to attract businesses, create jobs, and enhance the quality of life for our residents. By investing in regionalism, we are laying the foundation for sustainable growth that will benefit not only Madison County, but also our neighboring communities. I want to thank our partners, stakeholders, and community members who have worked tirelessly to bring this project to fruition. Together, we are building a brighter future for our families, businesses, and generations to come.”
