LEX CTLR EXPRESSED CONCERN REGARDING ROCKET LAUNCH ACTIVITY ASCENDING TO 5000 FT THAT CONFLICTED WITH DEP ACFT.

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I CAME TO WORK IN THE AFTERNOON TO LEARN THAT A NOTAM WAS ISSUED FOR 'MODEL ROCKET' ACTIVITY 4 MILES NE OF LEX ARPT FROM THE SURFACE TO 5000 FT. 4 MILES NE IS RIGHT ON FINAL FOR RWY 22 OR RIGHT OFF THE DEP END OF RWY 4. I WAS TOLD THAT THE PERSON IN CHARGE OF THE ROCKETS HAD CALLED TO INFORM ATC THAT THEY WOULD BEGIN LAUNCHING THE ROCKETS IN 30 MINS. THE CTLR EXPLAINED TO HIM THAT WE WERE ON RWY 4 AND THAT ALL OF THE JETS THAT DEPARTED BLUEGRASS ARPT WOULD BE FLYING RIGHT THROUGH THAT AREA. THE MAN SAID THAT HE DID NOT CARE; HE HAD GOTTEN A WAIVER FROM FSDO AND THAT THEY WOULD BE LAUNCHING ALL DAY. IN A LATER CONVERSATION HE WENT ON TO SAY THAT IT WAS A 'ONE IN A MILLION CHANCE' THAT A ROCKET WOULD HIT A PLANE AND THAT 'ONLY ONE PLANE SNUCK UP ON THEM THIS MORNING.' THE LOCAL CTLR STARTED COORDINATING N AND E HEADINGS FOR ALL JET ACFT DEPS SO THEY WOULD NOT HAVE TO FLY THOUGH THE MODEL ROCKET ACTIVITY. A CTLR THEN CALLED THE AIR TFC MANAGER AND BRIEFED HIM ON WHAT WAS GOING ON. THE AIR TFC MANAGER TOLD US THAT HE HAD BEEN IN DISAGREEMENT WITH THE ROCKET GROUP FOR A COUPLE OF YEARS AND THEY WENT OVER HIS HEAD TO GET THE WAIVER TO LAUNCH THEIR ROCKETS. THE AIR TFC MANAGER THEN TOLD US NOT TO ALTER THE JET ACFT'S HEADINGS. HE SAID THAT THEY HAD THEIR WAIVER AND THAT WE WERE GOING TO HAVE NORMAL DEPS. THIS SOUNDS LIKE A CONTEST BETWEEN THE AIR TFC MANAGER; FSDO AND THE ROCKET GROUP. HOW CAN AN FAA MANAGER AUTHORIZE ACFT TO DEPART OVER KNOWN ROCKETS THAT TRAVEL UP TO 5000 FT? THIS IS A VERY DANGEROUS SITUATION.