LOUISVILLE, Ky. (WDRB) – A Confederate statue located in a prominent place near the University of Louisville campus will be coming down.

The statue, located on 3rd Street, near the Speed Art Museum, will be removed. It was placed there in 1895.

The announcement was made at the opening of a press conference, led by Louisville Mayor Greg Fischer and U of L President James Ramsey on Friday morning.

The monument will be moved to a new location, "determined at a later date," according to a news release.

"It's always important to remember and respect our history, but it's equally important to reflect on that history in proper context," said Fischer. "This monument represents out history -- a painful part of our nation's history for many -- and it's best moved to a new location."

"We are not here to erase history, but we are here to announce that this statue should be situated somewhere more appropriate than a modern campus that celebrates its diversity," Dr. Ramsey said. "Kentucky certainly played a unique role in the Civil War, but is is the culture of inclusion we strive for each day at U of L that will define our future. Over the years, our campus has grown to encircle the monument, which does not symbolize the values of our campus community or that of a 21st Century institution of higher education."

According to the news release, the statue will be held in storage until an appropriate historical location is selected.

"Leadership in Mayor Fischer's and President Ramsey's offices have been working on the move for several weeks and will be discussing the options for an appropriate historical venue in the near future," the news release states. "While the monument is disassembled, the university will clean and repair the bronze figures and embellishments -- something that has not been done since 1895."

On Friday afternoon, Rep. John Yarmuth applauded the decision to remove the monument.

"I heartily welcome Mayor Fischer and President Ramsey’s decision to remove the Confederate monument from UofL’s campus," Yarmuth said in a written statement. "It honors a shameful episode in our nation's history, one that represents a hateful division and fails to truly reflect our city and Commonwealth’s role in the Civil War."

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