City Council directs staff to finalize development agreement with Leonard and Tesh for Depot District

Lexington City Council voted Sept. 23 to direct city staff to finalize a development agreement with the Leonard and Tesh development team for a city-owned parcel in the Depot District.

Business and Community Development Director Tammy Absher told the council the request-for-proposals process began about a year ago and produced two finalists. After review by staff and the Planning and Zoning Board, councilors were asked to choose a preferred developer so staff could negotiate an agreement to be returned to council for a public hearing and adoption. Absher said the next steps are preparation of a development agreement consistent with state law governing sales of municipal property for economic development purposes.

Mayor Pro Tem Watkins moved to authorize staff to work with Leonard and Tesh to draft the development agreement; Councilman Holloway seconded. The motion carried on a voice vote with the ayes recorded and no opposition noted.

Mayor Jason Hayes thanked both finalist teams for their proposals and staff for the review process, and said the council looks forward to seeing how the Depot District project develops.

The council’s direction authorizes staff to negotiate terms and return a development agreement for public review and a subsequent council vote. The timeline for the public hearing and final adoption was not specified during the meeting.