Louisville City FC reaches deal on stadium loans
LOUISVILLE, Ky. (WDRB) – Louisville City Football Club said Tuesday that Fifth Third Bank has agreed to help finance a new soccer stadium in Butchertown, a move that keeps an August construction start on track.
Cincinnati-based Fifth Third and other banks would lend $55 million to the team’s owners, who would contribute $10 million of their own money to cover the cost of the $65 million stadium, said Brad Estes, Louisville City’s executive vice president.
The deal is expected to close in August and comes after the club secured nearly $22 million in state tax rebates in late May to help pay off the stadium debt. Plans call for the 11,300-seat stadium to open in March 2020.
The stadium is one component of a larger $193 million complex at Adams and Cabel streets that also would have commercial office space, restaurants, retail and possibly hotels, according to project documents.
Besides the state rebates on withholding, sales and property taxes, Metro government last fall approved issuing $30 million in bonds for land purchases and site preparation – but also required developers to return $14.5 million of that investment to the city over time.
Under the agreement with the city, the project must have $130 million in private investment.
“We can’t thank Louisville Metro and the Commonwealth enough, as none of this would be possible without their help,” Estes said in a statement. “This is legacy work that will leave a permanent impression on our City, and we can’t wait to get started.”
A ceremonial groundbreaking was held in June.