Key vote for Louisville City FC stadium delayed
LOUISVILLE, KY (WAVE) - A vote on a $30 million bond for the new Louisville City FC stadium development was pushed back on Tuesday.
Mayor Greg Fischer, Councilwoman Barbara Sexton Smith and LCFC announced the delay in a press release.
The 10,000-seat stadium would be built in Butchertown, near the intersection of Campbell and Adams Streets.
"It is critically important for our community and our region because it will bring in additional revenue," Sexton Smith said in an interview.
Councilwoman Sexton Smith proposed the bond ordinance and it was approved by the council committee last week. But it still needs a vote from the entire council.
The new date for the Metro Council vote is Oct. 26.
Councilman Kevin Kramer was one of the council members asking for more time to ask questions about the deal to fund the stadium.
"It feels to me like maybe somebody's trying to hide something and that makes me uncomfortable," Kramer said.
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"I want all Metro Council members to feel confident and prepared to cast an informed vote we can all feel good about," Sexton Smith said. "This is the right decision, at the right time, for the right reasons."
The deal involves a $30 million bond. $25 million would go to purchase the land and then $5 million would go to make improvements needed to get it ready for the project. It would also include a request for a TIF from the state, which is a tax district used to help fund the project.
The team would have to pay back $14.5 million, gradually, to take control over the development which would also include hotels and retail.
LCFC co-owner Tim Mulloy said despite the delay, the team feels the vote will be a success.
"We are confident that after a thorough review, council members will agree that this a solid project that builds on our city's momentum, and the booming interest in soccer in our community," Mulloy said.
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