Lexington, KY - Marking the beginning of his fourth year in office, Mayor Jim Gray gave his annual State of the City speech and used the opportunity to highlight successes in the city during the last 12 months.
Gray promised to release new designs for Rupp Arena and highlighted the work that has been done by his office and the Rupp Arena, Arts & Entertainment District Task Force over the last three years.
“In the next few days we will unveil a new design for Rupp Arena and the convention center and elements of Town Branch Commons – aspirational plans for our city,” the mayor said in his speech.
Tuesday is a potentially monumental day for the renovation plans to, as the mayor says it, “reinvent” the arena, as Gov. Steve Beshear will unveil his budget plan before a joint session of the Kentucky General Assembly.
Lexington is hoping for a large amount of state dollars to be earmarked in the governor’s proposed budget. The hope is for at least $75 million, which was the amount the state gave to efforts in Louisville, which produced the KFC Yum! Center, home of the University of Louisville Cardinals men’s and women’s basketball teams.
In addition to renovating the venerable arena, the project would use Rupp as a catalyst to grow an entertainment district around the arena and move the existing convention center down Main Street toward the Distillery District, allowing for more space for conventions and to make the center more a part of downtown and less of a bookend for it.
“Now I recognize that on any big goal, or big project, or opportunity, or any thorny problem we need to solve for our city, there are those who will say with great conviction: ‘You are going too fast.’ And there are those who will say: ‘You are going too slow.’ And there are others who say: ‘Why, you shouldn’t be chasing this ball at all,’” Gray said in his speech before recognizing the amount of collaboration that exists in the government.
On the point of collaboration, Gray lauded the efforts of the city’s public safety officers, leaders and city task force members who helped to overhaul the city’s pension program, which has kept the city from needing to spend and bond its way out of debt.
“In 2012, just from these reforms in one year alone we saved $14.2 million. In 2013, $47.6 million was saved,” Gray said.
“$61.8 million in savings is a very big number. But that doesn’t mean we have that money to spend. We just don’t have to bond pension payments anymore, or look to one-time fixes for health insurance. We have righted the financial ship,” he said.
Putting the city on strong financial footing will not only bode well for the work of future elected officials, but Gray said it will make Lexington more attractive to businesses.
“Every city in the country is wrestling with employee health insurance and pension costs. Only a few have found pathways and solutions,” he said. “In the future we will see healthy cities; and we will see sick cities that cannot find their way out of accumulated mountains of debt.
”Where do you want to locate your business? Where do you want to raise your family? Lexington is today a beacon for other cities; an example of how to build financial health and strength,” he said.
Check back with Business Lexington later tonight for news on the Governor’s proposed budget and what it would have in store for Lexington.