In his budget proposal, Kentucky Governor Matt Bevin provided $60 million in state funding for an investment partnership with the City of Lexington for the project. The arrangement includes a guaranteed repayment of funds to the state using .5 cents of the transient room tax. The bill now heads to the Senate for consideration.
In order for the Lexington Convention Center to remain competitive in the market and meet its potential as an economic engine for the region and state, investments are needed in the facility. Industry experts forecast that expanding the Convention Center will allow Lexington to compete for 90% of the convention market as opposed to 65% currently. The project is also estimated to generate more than $57 million in annual economic impact, an increase from $42 million today. Without the expansion, studies indicate a decline in economic impact of close to $28 million annually.