EDA to sell more land at Midway Station
The Woodford Economic Development Authority (EDA) voted unanimously Tuesday to enter into a purchase agreement for a 2.42-acre tract at Midway Station. The vote came after the group met in executive session. The EDA, which typically meets the fourth Friday of each month, wasn’t going to meet in December. EDA Chair John Soper scheduled Tuesday’s meeting after learning of the opportunity to sell the land at Midway’s industrial park. Property Management LLC of Lexington plans to pay $155,000 for the land and put $5,000 down on it, according to Soper. Its parent company, Tobacco Rose Construction, specializes in erosion control work at construction sites, he said. The company presently employs 20 people in Lexington and plans to move its operation to Midway Station, Soper said. It has until June 1 to buy the land. Midway Station loan With bonds for Midway Station coming due at the end of the year, the EDA unanimously approved a three-year loan of $2,067,000 from Wesbanco at the rate of 3.25 percent. Soper said the participation loan includes the three other banks involved in the original loan – Kentucky Bank, Community Trust Bank and Citizens Commerce Bank. In preparation for the loan renewal, the EDA hired a Lexington firm to appraise available land at Midway Station. Atlantic Appraisal said the industrially-zoned land is worth $65,000 an acre and the B-5 (business professional) land is worth $200,000 an acre. Payroll taxes Soper distributed a sheet showing how payroll tax revenues have increased over the past three fiscal years for both cities and the county. The county received $5,476,562 in 2016 and $6,353,447 in 2019 – a 16 percent increase. The City of Versailles received $3,684,715 in 2016 and $4,064,842 in 2019 – a 10.3 percent increase. The City of Midway received an estimated $250,000 in 2016 and an estimated $828,000 in 2019 – a 231 percent increase. (Soper said those figures were taken from Midway Mayor Grayson Vandegrift’s annual address, which he gave last week.) Soper thanked the other board members for their work to lure new businesses to the county. He noted that companies not paying property taxes, such as Lakeshore Learning Materials, still make payments in lieu of taxes to the school system. Lakeshore is presently paying $143,000 annually and after the company’s expansion is finished, it will pay another $63,000, he said. Ledvance Soper said he’d communicated recently with the unnamed investor “who is probably going to buy” the Ledvance property. Soper said the investor has successfully taken properties like the recently-closed Ledvance and “made them productive again.” Bills The EDA voted unanimously to make the biannual interest payment to Wesbanco of $31,561.90 and pay Bill Moore $156 for legal services.