Oldham Economic Development Agencies Release Impact Study

Thousands of jobs and millions of dollars in wages and tax revenue are anticipated from the development of the 1,000 acre Oldham Reserve Business Park located in LaGrange, Ky.

The Oldham County Economic Development Authority (OCEDA) and the Oldham-LaGrange Development Authority (OLDA) released the results of the economic impact analysis performed by Dr. Paul Coomes, a National City Bingham Fellow at the University of Louisville College of Business & Public Administration.  The presentation was held on the grounds of The Oldham Reserve.

Dr. Coomes used the Park’s Master Plan for development as he analyzed a build-out scenario.  He offers economic and fiscal impacts, while assuming the campus will contain offices, retail and some housing.  Details of the study can be found in his report.  An executive summary is also available in the media packet.

“Oldham Reserve offers a nice complement to the Louisville region’s business locations,” said OLDA Board Chair, Don Basham.  “With so much of Jefferson County’s growth expanding east towards Oldham County, this 1,000 acre business campus adds a unique development option for new and expanding businesses.”

An important part of the study compares the impact the planned office development will have on the community versus the building of a traditional residential subdivision.  “This is an important project to the Oldham County economy,” said Oldham County Judge/Executive Duane Murner.  “We’re working hard to find ways to balance the tax base in our community, while creating new business and job opportunities.”

Residential development accounts for almost 90 percent of total property assessments in Oldham County, and advocates for economic development contend that more non-residential development will generate significant tax revenue and lessen the tax burden on area residents.

“This business park is a part of a larger initiative to expand the economic development capabilities in Oldham County.  This is a fast growing community, and as business leaders, we have to work together to create space and opportunities for business and job growth,” said Jim Kramer, OCEDA’s Board Chair.