Contact: Dan Adkins
“The arrangement with Lexel Corp. keeps Lexel Imaging Systems in Lexington and preserves its working relationship with UK, while also providing space for new enterprises. This will allow us to develop other collaborative projects."
-- Wendy Baldwin,
executive vice president for research,
University of Kentucky
Board of Trustees Budget Story
LEXINGTON, Ky. (June 22, 2004) -- The University of Kentucky Board of Trustees today approved the university’s purchase of the Lexel Corp. property at the UK Coldstream Research Campus.
Lexel Imaging Systems and its 105 employees will remain in the 165,000-square-foot Coldstream property in Lexington. However, the agreement frees 85,000 square feet in the building for use by UK research centers, private companies, and firms that graduate from UK’s start-up incubator, the Advance Science and Technology Commercialization Center.
"Expanding this area for UK research centers and private companies will complement the amazing work in the biomedical field currently being conducted at UK," said Gov. Ernie Fletcher. "Because Lexel Imaging Systems will remain in Lexington, all parties benefit from this agreement. I commend UK's Coldstream Research Campus for supporting new economy industries and helping Kentucky pursue and achieve greatness."
“The arrangement with Lexel Corp. keeps Lexel Imaging Systems in Lexington and preserves its working relationship with UK, while also providing space for new enterprises,” said Wendy Baldwin, UK executive vice president for research. "This will allow us to develop other collaborative projects."
The agreement calls for UK to pay Lexel Corp. $9.6 million for the property, said John Parks, executive director of Coldstream Research Campus. "The acquisition will generate a positive cash flow at a pace that will eventually recoup the acquisition costs,” he said.
"We're very pleased that the university is continuing to support the growth and development of the Coldstream Research Campus,” said Lexington Mayor Teresa Isaac. “We are fortunate to have Lexel Imaging Systems remain at Coldstream, while at the same time valuable space will be made available for other outstanding companies."