Scheduled Metro Council vote on $30 million bond for soccer stad - WDRB 41 Louisville News

Scheduled Metro Council vote on $30 million bond for soccer stadium delayed until Oct. 26

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LOUISVILLE, Ky. (WDRB) -- A scheduled vote by Metro Council on funding for the proposed soccer stadium in Butchertown is being delayed. 

A release from Louisville Mayor Greg Fischer said his office agreed with the Louisville City Football Club and Councilwoman Barbara Sexton Smith to reschedule Tuesday night's vote until Oct. 26.  The delay would give more time to review the proposal for a $30 million bond. 

According to the mayor's office, the city's $30 million contribution to the project would allow $25 million to buy the land and $5 million to build infrastructure and contribute to the brownfield remediation. The plan does not call for any city tax dollars. 

Louisville City FC is scheduled to repay the city about half of Metro's contribution - or $14.5 million - over a 20-year period. Metro government could get up to $2 million more if the stadium achieves unspecified "financial markers," according to a press release from Fischer's office.

The deal was agreed to by Fischer’s administration. Jeff Mosley, Fischer’s general counsel, and city chief finance officer Daniel Frockt appeared at several Metro Council committee meetings last week to answer questions from council members and those submitted by the Pegasus Institute think tank.

The ordinances include a measure approving bonds for buying land, addressing any contamination and adding sidewalks and other public infrastructure. As part of the deal, developers have pledged to reimburse the city through $14.5 million in stadium rental and other revenues.

The stadium, planned to open in March 2020, would be the centerpiece of a $200 million development that would also include restaurants, one or two hotels and office buildings, and take a decade to build out.

Another revenue-sharing agreement would pay Metro government up to $2 million from the stadium’s net income after deducting some expenses.

Louisville City FC pledges to build the $50 million stadium and serve as developer of the overall project. 

The city says the "stadium district" would boost the economy with $88 million with jobs during construction and new jobs once the stadium is complete. 

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