1. How is Town Branch Park being funded?
Town Branch Park is being primarily funded through private donations from individuals, businesses and organizations. This private investment is complemented by Central Bank Center’s contribution of the land and the City of Lexington’s investment to improve the public right of way for vehicular and pedestrian access to the park.
2. What is the cost of the park?
The park development, design and construction costs are estimated at $39 million. The park is executing on the first of two capital campaign phases to cover said costs. To date, we have raised over $36 million. We hope to raise an additional $7M (or more) in the second phase to seed an operating reserve and permanent endowment. With the response from the community to date, as well as data collected during the park’s early-year Feasibility Study, we believe this is achievable.
3. How will operations and maintenance be funded, and how much will it cost annually?
Town Branch Park, Inc., a nonprofit corporation, will raise money annually to maintain and operate the park through earned revenue, sponsorships, and philanthropy (i.e. Friends of Town Branch Park). In addition, the overall fundraising goals for the project include an operating reserve and endowment to help defray those costs. The annual amount needed to run the park will be determined once programming is solidified.
4. Is the park private?
Town Branch Park is a public park that is primarily privately funded. The park will be maintained and programmed through a conservancy model, which is a private, non-profit organization that supports develops, operates and maintains parks to the highest standards of excellence. Examples of this model include: Olmstead and 21st Century Parks in Louisville; Waterloo Park in Austin; the Central Park Conservancy, The High Line and Bryant Park in New York City; Millennium Park in Chicago; and Piedmont Park in Atlanta.
5. What are you going to do about parking?
There will be over 500 parking spaces adjacent to the park through a variety of garages and on-street parking spots, including the new parking garage at Central Bank Center and the High Street Parking Lot. The Town Branch Trail, with a trailhead in the park, will also connect people to on-street and garage parking on Vine Street.
6. Where will people park?
There are currently more than 4200 parking spaces within one (1) block of the park and over 6,000 within three (3) blocks of the park through a variety of garages and on-street parking spots. The Town Branch Trail, with a trailhead in the park, will also connect people to on-street and garage parking on Vine and other downtown streets. A parking map will be available for users once the park opens.
7. What is being done for safety?
Lighting, landscaping, Wifi technology, programming, and security greatly impact safety. Town Branch Park design elements include best practices to promote safety. The conservancy will provide private security personnel working in conjunction (when needed) with the Lexington Police Department to help enforce park rules, which will be posted throughout the park site.
8. How will you keep the park free from attracting homeless encampments and solicitation?
Town Branch Park is a public park and welcoming to all, but camping, soliciting, loitering, harassment, and like-activities will be prohibited. Park hours also will prevent people from camping and sleeping overnight. In addition, the conservancy will provide security personnel.
9. When will construction begin?
We anticipate breaking ground in summer 2023. The construction period will last approximately 20 – 24 months.
10. When will the park open?
The park will open in 2025.
11. What will the programming be?
Programming will be the next phase of our work. We will draw on the comments from thousands of residents and park consultants to ensure annual programming is diverse and inclusive, with many park programs free of charge to the community.