http://www.wdrb.com/story/35791251/...ound-public-costs-of-butchertown-stadium-deal
From the link....
Developing Blighted Property
The project would include more than a new soccer pitch. Team officials envision a broader entertainment district that could include two hotels, four office buildings, restaurants and bars.
In announcing the project in April, Louisville City FC’s owners said private investment would provide the bulk of the overall funding. But they are also working to get city and state participation as well.
Team and city officials declined to provide estimates of those costs because the ultimate financing structure isn’t yet known.
TIF
Louisville City FC also is seeking to use tax increment financing, or TIF, a tool that allows developers to get a rebate on some tax revenues that otherwise would go to city and state governments. It has been approved for projects such as the downtown Marriott hotel, an industrial park near Louisville International Airport and the KFC Yum! Center.
Team officials expect to receive an analysis in the coming weeks that will look at the potential economic impact of the project, said Mike Mountjoy, a Louisville FC board member.
“It will take all of that into consideration and determine what the gross tax revenue to the city and state will be from that – from that study – and that will give us an understanding of what we might be able to expect from a TIF,” he said.
How Many Million?
The entire cost of the Louisville City FC project could reach $200 million, Mountjoy said, with the stadium and parking areas estimated in the “$50 million range.”
From the link....
Developing Blighted Property
The project would include more than a new soccer pitch. Team officials envision a broader entertainment district that could include two hotels, four office buildings, restaurants and bars.
In announcing the project in April, Louisville City FC’s owners said private investment would provide the bulk of the overall funding. But they are also working to get city and state participation as well.
Team and city officials declined to provide estimates of those costs because the ultimate financing structure isn’t yet known.
TIF
Louisville City FC also is seeking to use tax increment financing, or TIF, a tool that allows developers to get a rebate on some tax revenues that otherwise would go to city and state governments. It has been approved for projects such as the downtown Marriott hotel, an industrial park near Louisville International Airport and the KFC Yum! Center.
Team officials expect to receive an analysis in the coming weeks that will look at the potential economic impact of the project, said Mike Mountjoy, a Louisville FC board member.
“It will take all of that into consideration and determine what the gross tax revenue to the city and state will be from that – from that study – and that will give us an understanding of what we might be able to expect from a TIF,” he said.
How Many Million?
The entire cost of the Louisville City FC project could reach $200 million, Mountjoy said, with the stadium and parking areas estimated in the “$50 million range.”
