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News Item #642
[Commonwealth of Kentucky]
Frankfort Office Space Comes with a High Price
Posted: 3-Feb-2004 1:45AM CST

The Lexington Herald-Leader reported about the high price of office space in the state.s capital in a couple of weekend articles. It seems that many land deals are to the benefit of real estate investor Rodney Ratliff who is a major contributor to political campaigns; the state spends $2 million in rent each year on properties owned by Ratliff's company. Additionally, the state spent $1.2 million to buy three lots owned by Ratliff for the new transportation cabinet office building. The land was appraised by Franklin County at $92,000.

In other office space related news, Gov. Fletcher's budget proposes spending $46 million to renovate the office building which was formerly home to the transportation cabinet: leaving the building empty for years to come while hundreds of state workers are in rented office space.

More information: Lexington Herald-Leader: Most Frankfort land deals seem to help one man (Feb. 1, 2004) [Outside Link], Associated Press: Fletcher's budget includes $46 million for state office building renovation (Feb. 1, 2004) [Outside Link]

Update (Feb. 3, 2004): More information: Lexington Herald-Leader: 7 floors of luxury for the low price of $113 million (Feb. 1, 2004) [Outside Link], Lexington Herald-Leader: Plans have state spending millions on rent (Feb. 1, 2004) [Outside Link]

Update (Feb. 7, 2004): More information: Lexington Herald-Leader: Lawmakers suggest cheaper renovations (Feb. 5, 2004) [Outside Link]

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Updated: 3-Feb-2004 1:45AM CST

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