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Council approves letter of intent to sell 19.61 acres of Coldstream Research Campus to SFG Properties
Summary
Lexington council approved a resolution authorizing a letter of intent with SFG Properties LLC to purchase about 19.61 acres of the Coldstream Research Campus at roughly $225,000 per acre; the council discussion included questions about timing, process and how sale proceeds will be used.
The Lexington-Fayette Urban County Council on June 12 authorized a letter of intent with SFG Properties LLC for the sale of approximately 19.61 acres of the Coldstream Research Campus at about $225,000 per acre. City staff told council the total sale price is roughly $4,412,000 and that proceeds will be split 50/50 with the University of Kentucky.
Kevin Atkins, speaking for city staff, said the $4,412,000 price equates to about $225,000 per acre and that the revenue split with UK requires UK’s share to be spent on Coldstream improvements while the city’s share is earmarked for development of the planned Legacy Business Park. "The UK portion has to be spent on the Coldstream property and the improvements out there, and our half has to go toward the development of the 200 acre Legacy Business Park site," Atkins said.
Council discussion focused on the timing and process for bringing the sale before council. Council member Elliot Baxter moved to place…
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