Jun 062012
 

Parks, transportation, agriculture

Editor’s note: With public money now starting to pour into the Rupp Arena Opportunity Zone, NoC decided to start a series called, “What we’d do.” In the series, we will take the money earmarked for Rupp, and in most cases any stipulations applied to that money, and develop alternate plans for re-directing it into more socially, environmentally and economically beneficial projects. Total costs for Rupp Zone development range between $600 million and $1 billion.

In order to receive the $2.5 million in state economic development funds earmarked for Rupp Zone, residents of Lexington-Fayette Urban County must generate a matching $2.5 million in funds from the upcoming local budget. Reports indicate that city leaders plan to bond (borrow) half of this amount, $1.25 million, and then to re-direct $1.25 million of county-wide funds from a variety of agencies into a pool of money to be used specifically for the Rupp Zone. Here it is in mathematic form: Continue reading »