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Franklin County authorizes up to $33 million in industrial bonds for downtown hotel renovation
Summary
The Franklin County Fiscal Court approved a resolution to issue taxable industrial revenue bonds not to exceed $33 million to finance the acquisition and renovation of a downtown Frankfort hotel; county officials and the developer described the project scope and safeguards intended to keep county liability off the books.
Frankfort — Franklin County fiscal court approved a resolution authorizing taxable industrial revenue bonds of up to $33,000,000 to finance acquisition, renovation and equipping of a downtown hotel and related agreements, the court announced Jan. 20.
County and developer representatives told the court the bonds would be privately negotiated and payable solely from project revenues, citing KRS 103.230(2). "The county has no financial obligation whatsoever, with respect to the issuance of a bond," said Gil during the presentation on the legal framework. Developers said the financing is necessary for the project to proceed and described a substantial renovation of the…
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