Questions raised over Center City project - WDRB 41 Louisville News

Questions raised over Center City project

While there was elation over the Arena financing, there is confusion over another downtown development. Members of a Metro Council committee had several questions for the state's economic development director and representatives from the Kordish company.

The company has agreed to invest at least $200 million into the proposed Center City project. It would include hotels, retail and a parking structure just east of Fourth Street Live. The council has been asked to authorize the purchase of this $17 million chunk of land between 2nd and 3rd streets. The state pressed the council to approve a measure saying the owner of the property could ask the state to close on it within 30 days. But the council tabled that motion.

"We think the deal is fair. The Kordish company will be investing private equity or debt of almost 75 percent of the project, which is more than we've ever done on city projects," said Bruce Traughber, Economic Development Director.

"We've got questions that have to be answered and I think they can be. But it doesn't happen overnight and to expect and push for immediacy is not fair and it's realistic and doesn't allow the council to do their job," said Kelly Downard, (R) Metro Council District 16.

Both sides agreed to meet again September 17th. The company is hoping to have some of the project complete by 2010 when the arena opens.

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