News Today! The Webb Companies are not asking for TIF's!

News Today! The Webb Companies are not asking for Tif's!

If you live in Lexington, I can't imagine that you haven't heard the controversy over the Centre Pointe development. If your not in Lexington....there is a block of downtown that is in need of repair, or replacement. The Webb Companies, a huge developer in Lexington, has spent years of planning and millions of dollars to come up with a plan of action for the area.

The result- They want to build a four star hotel/conference center/retail/condo building. I personally think it is a GREAT idea and will help to bring downtown alive. There are lots of concerns about bars that currently serve as a part of Lexington's nightlife that are located in this building. Problem is...the building is not able to be restored, and if so, it is in no way profitable. Some people feel that if The Webb Companies build this new building it would help to destroy the historic downtown. Even though the building is a "green building" and would be one of Kentucky's first, still doesn't sit we'll with some.

The Webb's at first were going to need support from taxpayers in the form of Tif's, to help with financing. Today... We found that they have found their own private investors! This is huge because although they will still need to get permission to demolish and rebuild within zoning. They do not have to permission from council, or anyone else to approve the taxpayer portion of the investment. I'm excited about this new development and hope that it is approved and built! The block downtown, as it sits, is depressing to look at and since it can't be saved, I say let's move on.

This picture was taken directly from the site of

http://www.cptlex.com/overview.htm

An example of what we hope The Webb Brother's succeed in developing!

*Please note that I have no relation to the company, or anyone involved with this project.