Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council approves sale of 4.99‑acre Lanes Run lot; buyer cites $1.5M investment and job growth plans
Summary
Council approved transmission of a contract for a 4.99‑acre lot at Lanes Run Business Park after Jack Connor reported an earnest check of $4,999 and a buyer plan that includes $1.5 million capital investment and an application for incentives requiring 10 new jobs.
Georgetown — The City Council voted Oct. 13 to transmit a land‑sale contract for a 4.99‑acre parcel in the Lanes Run Business Park after a presentation from Jack Connor representing the business park authority.
Connor said he delivered an earnest money check of $4,999 for the parcel identified in phase 1 of the park and that the prospective buyer is an engine manufacturer classified under NAICS/NEXCO code 333618. He told council the company reported an overall planned capital investment of $1.5 million and expects to expand from six current employees to meet a Kentucky Business Investment (KBI) application that requires 10 new jobs and a minimum capital investment threshold.
“Average wage between $25 and $35 per hour,” Connor said of the positions in the application, adding that the company will negotiate any state incentives with the cabinet for economic development.
Council took a motion to approve transmitting the contract and the clerk recorded the motion and a voice vote with the mayor stating the motion passed.
The matter will continue through the standard closing and any state incentive review; Connor told council the local business‑park authority had reviewed and approved the contract that was then forwarded to the city for action.
