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Fiscal Court approves purchase authorization for 2494 Lexington Road; awards due‑diligence bid to prepare site work
Summary
Madison County authorized a purchase agreement for the 2494 Lexington Road (Car Acres) property with contingencies and gave staff authority to assign the agreement to the Central Kentucky Business Park Authority. The court also approved a due‑diligence bid award to Bayer Becker and Spencer Land Surveying to evaluate the site.
The Madison County Fiscal Court approved a resolution on May 13 authorizing terms and contingencies for a purchase agreement for 2494 Lexington Road (referred to in county materials as the Car Acres property) in Richmond, with authority to assign the agreement to the Central Kentucky Business Park Authority if parties agree.
The resolution authorizes the judge executive to complete the purchase agreement subject to standard contingencies including favorable due diligence, available funding and rezoning approval and allows execution of a refundable earnest deposit in escrow. County staff said the authorization is subject to compliance with applicable law, regulations and county policies.
Separately, the court awarded a due‑diligence services contract (Resolution 2025‑043) to Bayer Becker and Spencer Land Surveying as the lowest responsive bidder; the contract will support engineering, environmental and site‑development analysis required before closing or assignment. The court approved both resolutions by roll call.
Lucas, a consultant with MWM Consulting who is assisting the county on the project, described the next steps as a 90–120 day due‑diligence period to confirm site suitability for industrial and large commercial opportunities and to identify funding mechanisms, including state programs, utility participation and potential federal or legislative appropriations. “All you’re doing right now is committing to take the next step to literally do due diligence,” Lucas said.
The court discussed timing and potential use of state programs such as the Kentucky Product Development Initiative to support site preparation; staff said they will pursue available funding sources and return to the court with material updates. No purchase price was read into the record at the meeting; the purchase authorization and the due‑diligence contract move the project into the technical review phase.
