Arena Authority asks city for $6.5M in financial help - wave3.com-Louisville News, Weather & Sports

Arena Authority asks city for $6.5M in financial help

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The KFC Yum!! Center The KFC Yum!! Center
Jim King Jim King
Kelly Downard Kelly Downard
Louisville Arena Authority members at the September 2012 meeting. Louisville Arena Authority members at the September 2012 meeting.

LOUISVILLE, KY (WAVE) – When the Louisville Arena Authority met for their September board meeting at the KFC Yum! Center financial issues remained at the forefront of business. Now the Arena Authority is asking Louisville Metro government for help.

Jim King, a Louisville Arena Authority board member and president of the Louisville Metro Council, remains optimistic in these troubled times.

"I was asked, ‘if I had it do to over again would I do it again,'" said King, "and the answer is a strong yes. We have made the right decision to do this arena."

There was some positive financial news announced at Monday's meeting. Although not as high as projections, TIF (tax increment financing) monies are on the increase. That's money the arena receives from taxes on businesses within a certain radius of the KFC Yum! Center. Revenue was up from $1.6 million last year to $3.5 million this year. But it's not enough.

In a unanimous vote, the board voted to request $6.5 million from Metro Government to help them pay their debts. It's something Kelly Downard, a member of the Metro Council and the Arena Authority Finance Committee, isn't that concerned with - yet.

"The city is prepared to do what they have to do and I'm not concerned at all with what happened today," said Downard. "I'm concerned about what may happen the next six months, nine months, in terms of cash flow. So we're going to watch that very closely."

There are still other options to help the Arena Authority make their debt payments. Money could be generated either through guaranteed investment contracts or the option of selling some arena authority securities to make up the shortfall in revenues. Those are just some of the options that could be brought up at the next meeting which is scheduled for October 15.

Copyright 2012 WAVE News. All rights reserved.

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