LOUISVILLE, Ky. (WDRB) -- Louisville Mayor Greg Fischer has proposed a $30 million bond ordinance that will support plans for a recently announced soccer stadium for the Louisville City Football Club.
The bond was introduced Monday by the Louisville Metro Council and sponsored by Fourth District Councilwoman Barbara Sexton Smith. The funds would be used to purchase about 35 acres of land in the Butchertown neighborhood. The money would also go toward improvements to public infrastructure.
City leaders said other projects that may be supported by future bonding include the Louisville Urban League's $30 million plan for a multi-sports complex on the Heritage West site in the Russell neighborhood, a $35 million project that would expand Waterfront Park and improvements at Riverview Park.
"Each of these developments represents a major quality-of-life and economic development boost to our city," Fischer said in a statement. "These are smart opportunities, and when opportunities to move our city forward come up, we're going to go for them. That's how you create momentum, and that's how you keep it going for the future of our city."
"This is a strategically aligned business decision that will create jobs taking into account the taxpayers’ money first. One hundred percent of our funds will be used to purchase the land and improve the infrastructure," said Councilwoman Sexton Smith in a statement. "The best part is we will receive $14.5 million in lease payments and another $15 million in projected property taxes over the next 20 years. It's a great deal for our city, with Butchertown leading the way."
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