Lexington, Ky.-based Lextran’s board members voted unanimously to enter into an agreement with GE for the purchase of the 13.69 acre tract of property that is the former site of the GE Lighting Kentucky Glass Plant.
The purchase is contingent upon approval from the Federal Transit Administration (FTA) and the completion of the 90-day due diligence period. Lextran will pay the contracted price of $1.7 million for the property.
Pending approval from the FTA, Lextran will construct a new facility just steps away from their current location. The move to the GE site will allow Lextran to expand and enhance maintenance operations and consolidate administrative functions, which are currently housed at two locations. Additional improvements will enrich passenger services and position Lextran for future growth.
The GE Lighting Kentucky Glass Plant, which opened in 1946, manufactured several different types of glass for light bulbs prior to its closing in July 2010. Since the plant ceased operation the property has been vacant.
Consistent with trends around the country, Lextran’s redevelopment of the site will qualify for the Kentucky Brownfield Redevelopment Program, which promotes the re-use of former industrial sites.