Mayor agrees to push vote to Oct. 26 to give council more time for review
Louisville, KY., – Mayor Greg Fischer, Metro Councilwoman Barbara Sexton Smith and the Louisville City Football Club jointly announced today that a vote on a $30 million bond for a new Butchertown Stadium Development District will be pushed back to Oct. 26, to give the Metro Council additional time for review.
“I want the Council to have the time they need to understand what a smart opportunity this is for our city,” the Mayor said. “This stadium will anchor a $200 million project that develops an underused, very visible swath of land and creates a vibrant new entertainment and retail space that builds on the momentum downtown, in Nulu and Butchertown. And the city’s sole investment is $30 million for the land – half of which will be repaid to us.”
Councilwoman Sexton Smith, who has proposed the bond ordinance for this mixed-use development – which was approved by a council committee last week – agreed on the importance of working together to ensure the project’s success.
“It’s very important for everyone to get their questions answered,” she said. “I want all Metro Council members to feel confident and prepared to cast an informed vote we can all feel good about. This is the right decision at the right time for the right reasons.”
Louisville City Football Club (LCFC) will build the $50 million stadium and serve as developer of the overall project, which will include retail, a hotel and offices, built by private investment.
The project is expected to increase hotel, restaurant and retail amenities nearby and create a “stadium district” where the soccer stadium, Louisville Slugger Field and the Yum! Center are all within blocks of each other, along the same line of sight.
The city’s $30 million portion would be covered by the general obligation bond — $25 million to buy the land and $5 million as a contribution to brownfield remediation and public infrastructure.
No Metro tax dollars will be used for stadium construction. In fact, LCFC will pay $14.5 million back to the city over 20 years from sales of land, rent from leases of land, and stadium rent. In addition, if the stadium hits certain financial markers, the city has an opportunity to share in the upside of that growth, up to $2 million.
The development also is projected to create an $88 million revenue stream for the city, with 1,700 construction jobs and 1,400 new jobs upon completion.
Louisville City Football Club co-owner Tim Mulloy said the club welcomes further discussion.
“We are confident that after a thorough review, Council members will agree that this a solid project that builds on our city’s momentum, and the booming interest in soccer in our community,” he said.
To read the details of the deal, visit www.louisvilleky.gov.