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Lexington’s Economic Development Authority last week continued its discussion of the guidelines for a fire suppression system pilot program, finalizing the guidelines by which loans will be awarded.
The program will provide no-interest loans to building owners to cover the costs of sprinkler systems in their buildings in an effort to encourage owners who may be hesitant to install a sprinkler system due to the cost to install the system in the building.
The program will initially focus on the C-1 zoning district, which includes the historic downtown, and will then potentially expand to other properties after the pilot program is completed. The eligibility of potential recipients of the loans will be determined by a number of factors, including the system being one that is not otherwise required by the building code, and whether the property taxes and utility fees on the building are current.
The city has currently allocated $250,000 to fund the pilot program. At the suggestion of Lexington Fire Chief Ty Dickerson, who is serving as the project manager, a cap of $125,000 was set for any given loan.
Felicia DiPronio Bush moved to accept the guidelines, and Dennis Ayers provided the second. The motion passed in a 6-0 vote, with Katie Pogue being absent from the meeting.
