Title
An Ordinance related to constructing and leasing to own a new Government Center (awarded pursuant to RFP #51-2024 Government Center Development & Lease Proposal) to be located at 200 West Vine Street and 260 West Vine Street, Suite 400, and authorizing the Mayor or her designee, on behalf of the Urban County Government, to execute the following documents, and any additional necessary documents related to this project, with LOF Development, LLC and/or the Lexington Opportunity Fund, LLC, or their affiliate(s), and/or a to-be-formed Kentucky non-profit corporation or limited liability co.: (1) Development Agreement, (2) Real Estate Purchase and Sale Agreement, (3) Ground Lease, and (4) Facilities Lease; with an initial payment of $30 million towards the purchase of the properties and the construction of the project, and the terms of the ground lease and facilities lease not to exceed 35 years from the issuance of the lease obligations or an estimated annual payment of $3.5 million per year; authorizing the taking of any additional necessary actions related to this matter; and appropriating funds pursuant to Schedule No. 17; with the final closing and full notice to proceed with the project contingent upon the approval of the Ky. Local Government Public-Private Partnership Board pursuant to KRS 65.028(12), if applicable. [Dept. of General Services, Ford]
Summary
Authorization to execute necessary documents related to constructing and Leasing To Own a new Government Center, a Public-Private Partnership (P3), (awarded pursuant to RFP #51-2024 Government Center Development & Lease Proposal) to be located at 200 West Vine Street and 260 West Vine Street, Suite 400, and authorizing and directing the Mayor or her designee, to execute the following documents, and any additional necessary documents related to this project, with the Lexington Opportunity Development Fund, Inc. and/or the Lexington Opportunity Fund, LLC, or their affiliate(s): (1) Development Agreemen...
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