The University of Kentucky Board of Trustees has approved a proposal for a historic land swap with the city of Lexington.
Under the terms of the deal, UK would convey 50 “shovel-ready” acres of land within the Coldstream Research Campus, located near the intersection of I-75 and I-64, to the Lexington Fayette Urban County Government. Another 200 acres near Coldstream and the city’s existing business park also would be conveyed for future development.
In exchange, UK would assume control of several important roads totaling about 13.5 acres in and around the campus, including Rose Street, Hilltop Avenue, and part of Woodland Avenue, among others.
UK and the city also are working together to create a Tax Increment Financing (TIF) District at Coldstream to further stimulate development. Currently more than 50 organizations are located at Coldstream, employing more than 2,100 people.
“As the University for Kentucky, our mission is to serve—our students, our economy and the communities that comprise this state,” said UK President Eli Capilouto in a statement announcing the decision. “That mission of service is particularly important to the community that we call home. The futures of Lexington and the University of Kentucky are inextricably tied, and this proposed swap is an example of how partnerships can create progress for everyone, from the safety of our students, faculty and staff to the jobs and economic development that a thriving community like Lexington is poised to create.”