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Deal offers protections on arena financing

 

Notes --

1. The Louisville Metro Council will propose next week (after months of negotiations) an arena-financing deal that will save the city taxpayers $3.4 million/year -- or $100 million over three decades. The proposal, which would require the arena officials to exhaust other revenue sources -- such as naming rights and luxury suite sales -- before asking the metro government to pay more than its minimum pledge.

2. That minimum pledge is $206 million towards the construction of the arena in annual installments between 2010 and 2039. Under the proposed deal, the Louisville Arena Authority can ask the local government for up to $3.5 million more a year to cover the debt only if at least five other sources are drained. Such agreements for arenas are commonplace.

2a. If the Louisville Arena Authority has to use additional city funds for two straight years, the Louisville Metro Council has the right to audit the arena's revenues.

3. If approved, the new agreement would allow $339 million in bonds through the Kentucky Economic Development Finance Authority to be issued in November or December to construct the $252 million arena. Construction is expected to begin in 2008 and be complete by 2010.

3a. The total debt on the bonds, $573 million over 30 years, will be paid through several sources. These include the city's $206 million commitment, $265 million from a tax-increment financing district, $179 million from advertising rights inside the arena, $63 million from luxury box sales, and at least $37 million in arena naming rights.

3b. The tax-increment financing district will allow part of the anticipated growth in state taxes to help pay for the arena. The arena's share of that revenue is capped at $265 million, although the project will be able to use the excess revenues to pay down the debt. It is expected to generate $574 million over 20 years.

 

Article information: "Deal offers protections on arena financing, By Dan Klepal and Marcus Green, The Courier-Journal, May 28, 2007"

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I couldnt agree more...only midwestern cities seem to waste their most valuable land on sports venues.

 

yep. I think it has to do with the insane obsession with sports you see in some metros. People care way too much about that crap. I bet ESPN viewership is higher in the Midwest than any other region in America.

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I don't understand why this thread is in Architecture and Preservation...Seems like a cop out to get a Louisville P/C thread going.  If anything couldn't this be moved to the "Ohio: What our neighbors are up to"?

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Miami's basketball arena is right on the water, Sanfran's ballpark is, DC is putting their new ballpark on the Anacostia River, Pittsburgh's stadiums are both on the river, etc. It's not just a midwest thing to put stadiums right on the waterfront.

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If anything couldn't this be moved to the "Ohio: What our neighbors are up to"?

 

I agree Rando. I think we should have a thread for some of the nearby cities that get a lot of attention on this forum (Detroit, Louisville, Pittsburgh, Indianapolis, maybe Lexington too).

 

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>basketball arena is right on the water, Sanfran's ballpark is, DC is putting their new ballpark on the Anacostia River, Pittsburgh's stadiums are both on the river, etc. It's not just a midwest thing to put stadiums right on the waterfront.

 

Also the new Jets stadium was supposed to have been about a block from the Hudson River...Shea stadium is close to the water...The Meadowlands is in a swamp...The Fleet Center in Boston buts up against the shore of the Charles River...Baltimore's stadiums are close to the water...

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Ugh. Gone for a week and a half, and my inbox is filled up with C-J articles.

 

Louisville arena seeks 'green' label: Cost may be biggest barrier to eco-friendly designation

By Marcus Green, Courier-Journal [Louisville] August 5, 2007

 

Louisville's new arena could go "green", utilizing as many sustainable elements as possible so that it is energy efficient, keep costs down, and give them "bragging rights" that comes with LEED certification. It is patterned after the Washington Nationals' new baseball stadium, where there are reserved parking spots for fuel-efficient vehicles, and restrooms that save 3.6 million gallons of water per year, and a basketball arena in Brooklyn that has building materials that were recycled from older, demolished structures.

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whatsamatta with you guys? i bet no one crabbed this much at the csu wolstein arena.

 

its ok. nice, but not memorable. no doubt the school is overdue for a new arena.

 

i like the "green" thinking. i also like how they are trying to put some related infrastructure around it, although that isnt evident in the renderings (not that is should be). hopefully its flexible and they can play hockey and other sports inside too.

 

i dont see any problem with placement. the road has already ruined the waterfront access in that spot.

 

so what happens to the old arena? are there plans to do something with it?

 

 

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They are proposing what looks to be a nice plaza in front.  It's not just flat and open like the typical plazas you see...therefore it will be more visually appealing when there aren't events going on at the arena, but with that said it still will probably be unused during non-event times.

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Museum Plaza breaks ground in September as well. And ground breaking for the new City Center project, announced just yesterday, will be fairly soon since Cordish has the financing available to start the project.

 

Overall, there are about 8 major projects that will soon be underway in Louisville.

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I still have a problem with building an arena of this magnitude, and in the heart of town for a collegiate tenant.  I just don't know how that will work...I guess Louisville can take a look at the Kansas City model though.  :laugh:

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I don't think you'll actually be able to see the river...but rather the stuff on the other side.  I don't think the sightlines available will allow for that...you would need to be higher up to have a view of the actual river.

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I LOVE those buildings and I'm so glad to see them being put to to good use! My sister lives in Jeffersonville and I remember driving by these buildinds on my way to the bar. Even in their prsent state, they are beautiful! Congrads Louisville!

 

Hold on ... aren't they bringing these down in place of the proposed project?

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Council panel approves buying City Center land

Development pact prompts questions

By Dan Klepal, Courier-Journal, October 2, 2008

 

Buzz up! A Louisville Metro Council committee grudgingly approved a downtown land purchase for a $200 million retail and entertainment project, with council President Jim King saying he will spend the next week pushing hard to amend the development agreement with Baltimore-based The Cordish Co.

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^In 1982 they drew 800,000 due largely tp the novelty of the return of baseball to Louisville.  The next year it was a year long promotion to get to 1MM coupled with a successful team.  I remember the millionth fan won a car or something like that.

 

They drew 1,052,438 fans in 1983.

 

In 1984, Vince Coleman stole 101 bases.

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I don't report on nearly enough Louisville developments and have gotten out of the loop...

 

Candidates say downtown development must help nearby areas

Areas must benefit from development

By Peter Smith, Courier-Journal, October 25, 2008

 

The candidates for Metro Council District 4 agree on this much -- money generated from downtown skyscrapers and commercial attractions should also benefit the struggling neighborhoods next to them.

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Oh, there are a shit ton of projects there. City Center, the Waterfront Park project Phase 3 (including a new Lincoln memorial and spiral ramp to the long abandoned Big Four railroad bridge), the new park next to the Ali Center, major new developments near the hospital, U of L and downtown... and many smaller infill developments along the Cherokee Park-Bardstown Road corridors.

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$650,000 contract awarded on downtown arena project

By Sheldon S. Shafer, Courier-Journal, October 28, 2008

 

The Louisville Arena Authority yesterday awarded one of the last major contracts related to construction of the $238 million downtown arena.

 

It approved a contract with a geotechnical engineering firm, Patriot Engineering and Environmental Inc., which has headquarters in Indianapolis and a branch office in Louisville.

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the final design has been unveiled...

 

Louisville_arena2.jpg

bilde?NewTbl=1&Avis=B2&Dato=20070820&Kategori=MULTIMEDIA01&Lopenr=708200802&Ref=PH&Item=5&MaxW=455

Louisville_arena5.jpg

Louisville_arena1.jpg

 

 

Just got around the viewing these renderings.  Really good!  It kinda reminds me of Pittsburgh's convention center in the way it juts out into the river.  Its unfortunate that Louisville has a freeway running right next to the river here.

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Center City project is likely years away

Slow economy hinders financing

By Dan Klepal, Courier Journal.com, November 8, 2008

 

Don't expect to see bulldozers, or new construction jobs, at the Center City development site anytime soon.

 

In fact, it could take years before the planned expansion of 4th Street Live takes shape, especially in light of the sagging economy.

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Two articles posted today in this thread.

 

Clarksville releases Colgate plans

New park, convention center, retail area dubbed Clark's Landing

By David A. Mann, News and Tribune, November 8, 2008

 

Clarksville redevelopment officials have released a concept plan for the old Colgate-Palmolive Co. plant and areas southward.

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the museum threads are locked

 

Museum Plaza construction on hold awaiting financing

Credit crisis suspends skyscraper progress

By Marcus Green • magreen@courier-journal.com • October 12, 2008

 

Nearly a year ago, hundreds of people marked the start of construction on Museum Plaza with commemorative hardhats and free barbecue. Today, the site at Eighth Street and River Road sits empty.

The party's not over, but it is on hold for the foreseeable future.

There are no plans to resume construction, and in the midst of an economic upheaval, project developers can't say when they will secure the money needed to build the 62-story, $490 million skyscraper -- Kentucky's tallest building and a radical addition to Louisville's skyline.

 

continued at>>>>>

Reporter Marcus Green can be reached at (502) 582-4675.

http://www.courier-journal.com/article/20081012/BUSINESS/810120399/1008/NEWS01

 

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If anyone has been by Louisville and seen the Big Four railroad bridge sans approaches for decades... it's slated for conversion into a rail trail.

 

Jeffersonville bridge project close to decision

News Tribune, November 20, 2008

 

Jeffersonville city officials are close to selecting a design for the approach to an old railroad bridge across the Ohio River that will allow pedestrians and bicyclists to use the span.

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lodge_820_09.jpg

Yes, that is a NEW building!!! Beautiful!

 

Lodge 820 Redefines Luxury Urban Living

Broken Sidewalk, November 20, 2008

 

A new luxury mixed-use building on Frankfort Avenue in Crescent Hill is wrapping up construction and has now fully leased its seven sidewalk level retail spots.  The project replaces a surface level parking lot adjacent to the former Dietrich’s Restaurant.  Included in the Pierce Architecture designed development are seven retail spots and seven two-story condos above.

 

The last retail spot in the building has now been leased to a women’s boutique called “The Dressing Room” and will be under construction soon.  It’s expected to open February 1st next year.  Other retail on the strip includes a wine shop and several other upscale women’s boutiques.

 

See the URL for the rest of the blog entry.

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