Arena Authority wants to shrink tax increment funding district
LOUISVILLE, Ky. (WDRB) -- Bigger isn't necessarily better.
The Arena Authority wants to shrink the size of its tax increment funding district from six miles to two.
State officials are expected to give the final approval this week.
Two bond rating agencies have lowered confidence in the arena's bonds. Still, the agencies expect the project to have enough money to make its debt payments.
The TIF was supposed to be the main funding source for the construction bonds, but it has fallen millions short of projections. Arena officials believe a smaller TIF would be more beneficial.
Since opening in 2010, the arena has hosted more than 100 events outside of basketball games.
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