TAC (Turkish Accelerator Center) project is aimed to build an accelerator center in Turkey. The first step of the project is to construct IR-FEL facility. The second stage is to build a synchrotron radiation facility named TURKAY, which is the third generation synchrotron radiation light source that aimed to achieve high brilliance photon beam from low emittance electron beam at 3 GeV. The electron beam parameters highly depend on the magnetic lattice of the storage ring. In this paper a low emittance storage ring for TURKAY is proposed and beam dynamic properties of the magnetic lattice are investigated.