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University of Kentucky seeks up to $161M for Chandler expansion parking garage P3; commission approves
Summary
University of Kentucky presented a P3 plan for a Chandler expansion parking garage accommodating ~2,100 vehicles with shell space for retail and labs; the commission approved financing up to $161 million using a mix of tax‑exempt and taxable lease‑purchase obligations (term not to exceed 30 years).
University of Kentucky officials presented a public‑private partnership plan to construct a parking garage to serve the Chandler expansion and requested commission approval for financing.
Jennifer Fraker, director of government and state relations at the University of Kentucky, said the Chandler expansion parking garage is planned for the northwest corner of Cooper Drive and University Drive, will accommodate approximately 2,100 vehicles and include shell space intended for retail that will serve patients, visitors, students and staff. The shell will also house expanded lab space, the presenters said.
Fraker said the project’s estimated cost is about $155,000,000 and the university was seeking approval for up to $161,000,000. She said financing will be a combination of tax‑exempt and taxable lease‑purchase obligations with terms not to exceed 30 years; the university will retain ownership of the land and execute a ground lease for the project site during the lease term.
Commission members asked no substantive follow‑up questions. A motion and second were made, commissioners expressed support for the retail integration in the design, and the item passed on the commission’s vote.
