HB 310 would create a TIF district at Coldstream to fund new research buildings
LEXINGTON, Ky. (Feb. 10, 2011)—The Kentucky House passed HB 310 to allow the creation of Tax Increment Financing districts on university research park land which would include the Coldstream Research Campus. A TIF district at Coldstream could enable the university to attract a developer to build a mixed-use development and finance new laboratory and incubator space. In turn, it will be a catalyst for creating high-paying R&D jobs and recruiting new technology-based companies to Coldstream. Without the TIF incentive, it is highly unlikely that a developer would build laboratory buildings that cost up to three times that of typical office space. The proposed TIF district at Coldstream includes a 35 town center development. Ten acres of park land in this area would not be developed. More information on a possible development will be released if HB 310 passes the Senate and is signed into law.
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