Amid all the discussion around Kentucky’s pension reform, state budget and tax reform efforts, Kentucky legislators easily passed and Gov. Matt Bevin signed P3 legislation this week that is expected to simplify the way public-private partnerships are approved in the state.
Kentucky economic development leaders are getting out the word about our pro-business initiatives — including legislation to allow public-private partnerships — and gaining some national attention from site selection publications.
The federal income tax legislation signed late last year by President Trump ushers in sweeping tax law changes that significantly benefit the construction industry.
The Commonwealth of Kentucky, in conjunction with a development team led by CRM Development Company of Lexington, on Feb. 22 closed a financing for a new P3 state office building project to be built on the site of the old Capital Plaza Tower on Mero Street in downtown Frankfort, Ky.
Kentucky Governor Matt Bevin recently unveiled his priorities for road and bridge projects through the release of the next statewide highway plan. This 250-page document identifies projects and project phases totaling $8.6 billion through 2024. But, because current state and federal transportation funding is woefully inadequate, only 30 percent of the identified needs have a chance of being addressed.
Five of Kentucky’s state-owned tourism destinations could get at least $125 million in capital investments and improvements from private partners if the Kentucky General Assembly approves provisions in a state budget bill.
The Trump infrastructure Plan illustrates the dramatic need to repair the nation’s infrastructure and invest in states like Kentucky.
Many across Kentucky have been watching officials in Madison County closely as local leaders advance two public-private partnerships that could provide important insights into Kentucky’s relatively new P3 procurement process. Officials there are closing in on a decision for the first P3 project and have received initial bids for the second. The two projects are expected to help the county address a growing drug epidemic and significant overcrowding in its jail.
Talk of economic indicators typically includes references to the stock market, interest rates and inflation. But there’s another factor worth looking at in the Louisville area these days: miles of water main.
The recent federal income tax legislation is the most sweeping income tax law change since 1986. It provides a host of tax planning and structure opportunities across industries, including commercial real estate.