CentrePointe

CentrePointe is a proposed residential, commercial, and retail project in Downtown Lexington, Kentucky that has undergone multiple setbacks due to a lack of funding. The current plan consists of a 19-story hotel-condominium tower, a 12-story apartment complex, and a 10-story office building.HistoryCentrePointe is not yet in the process of being constructed. The original estimated time of completion was in 2010 as it was intended to serve as a centerpiece for business during the 2010 FEI World Equestrian Games. Before the construction of CentrePointe began, many local residents objected to the project as it meant the destruction of Morton's Row, the city's second-oldest commercial district, and a local hot spot, The Dame. In July 2008, the Fayette Alliance — a coalition of developers, neighborhood associations, and farmers — revoked its support for the building, due to an apparent reluctance on the part of the developer to work with concerned parties in addressing various issues concerning the development.In addition to the controversy surrounding The Dame, the use of Tax Increment Financing for the development was debated. Initially concern centered on the application of taxpayer money without the inclusion of ideas from those taxpayers. This opposition arose mostly from a common misunderstanding of Tax Increment Financing, which utilizes the boom property tax value from a redevelopment project to fund improvements locally. The issue went before the city council in September 2008. The council voted in favor of utilizing Tax Increment Financing for the project due to the infrastructure improvements for the surrounding area including sidewalks and underground parking structures.