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Coldstream Town Center FAQ
Why does UK want a TIF district at Coldstream?
A TIF district at Coldstream could enable the University of Kentucky to use taxes generated from a mixed-use Town Center development to 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. The proposed TIF district includes a 35 acre town center. Ten acres of park land in this area would not be developed. 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.
A stronger Coldstream will make a stronger Lexington and the Town Center development will create an improved gateway to downtown Lexington for those arriving in our city from the north and the west on I-75 and I-64. We envision several three or four story buildings that might house a café, coffee house, sandwich shop, bar and grill, and service amenities on the ground floor, with office and residential space on upper floors. Service amenities might include a branch bank, day care, fitness center, dry cleaning, overnight shipping, and gift shop.
How does a "lifestyle" center align with the Coldstream mission?
The mission of the Coldstream Research Campus is to cultivate an innovative community by combining UK's research strengths with private enterprise to create high-tech startup companies, expand existing businesses and grow high-paying jobs. The Town Center is necessary infrastructure for Coldstream to meet the needs of high-tech workers desiring this type of community where they can live, work, play, and learn. According to a June 2009 special feature about university research parks in Business Week, "Amenities such as cafes, parks and entertainment spots provide opportunities for entrepreneurs, engineers and scientists to mingle and interact."
Why is Coldstream an ideal location for scientific, technology-based companies?
There are several types of technology-based companies including those involved in heavy scientific R&D requiring wet and dry laboratory space or sterile pharmaceutical manufacturing facilities. Coldstream has these facilities and with a TIF, taxes generated from the proposed Town Center could be used to build more incubator and laboratory space.
While Coldstream is ideal for laboratory work, downtown Lexington is a creative environment that is ideal for the growing number of information technology professionals that are creating new companies and jobs in our city. As a key member of the Bluegrass Business Development Partnership, the University of Kentucky works collaboratively with city government and the business community to establish and grow these high-tech, entrepreneurial companies.
Coldstream quick facts
- Zoning created in 1992
- 57 companies
- 1,000 employees
- $44 million annual payroll
- $685,000 in property taxes
- 735 acres including 225-acre city park
- 15 buildings, 4 owned by UK
- 690,000 of total 800,000 sq. ft. occupied
- 300,000 sq.ft. under construction
- 86.3% available space occupied
Core industry sectors
- Agricultural biotechnology
- Equine research
- Sustainable energy
- Medical devices and diagnostics
- Drug discovery and development
- Pharmaceutical manufacturing