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LOUISVILLE, Ky. (WDRB) -- City leaders approve a plan designed to give taxpayers a break in paying off the construction debt for the downtown arena.
The Metro Council unanimously voted to reduce the size of the TIF, or Tax Increment Financing District, for the Louisville Arena Authority - from six to two square miles.
The TIF allows the arena to use state sales and property tax revenue from nearby businesses to help pay off the debt, but it's brought in less money than expected.
City leaders say reducing the size of the district could bring in as much as 2 million dollars more each year, reducing the amount the city would have to pay toward the debt.
"This is more of central business district- 2 square miles from river out - much smaller now and will encompass those businesses which are truly a part of the arena," said Metro Councilwoman Marianne Butler (D-15).
The ordinance will take effect as soon as Mayor Fischer signs it.