Louisville City FC reaches new stadium agreement ahead of Metro Council vote
LOUISVILLE, KY (WAVE) - A new agreement will require Louisville City FC to invest in a major new stadium for the team, if money from the city is approved by Metro Council Thursday night.
The changes to the agreement came after questions about whether the team was required to make certain investments, and concerns the city could end up gifting the land to developers.
The new agreement requires the team to spend no less than $45 million to fund the construction of the stadium. If approved by Metro Council, the city would spend $30 million dollars via a bond.
The new agreement outlines that any costs beyond that would fall on the team.
A new section was also added setting wages for people working in the stadium, and forcing the stadium to hire a certain number of Louisville residents.
+ Lou City FC and Louisville Urban League announce partnership
+ Key vote for Louisville City FC stadium delayed
+ Mayor announces $200 million Butchertown development, including soccer stadium
Lastly, the agreement would force the team's ownership group to spend $130 million on the stadium project, including additional developments.
Thursday night, Metro Council is expected to vote on a series of ordinances for the project. Mostly importantly, they will vote on whether or not to approve the $30 million bond from the city needed to start the ball rolling.
They will also vote on whether to establish a TIF, or tax increment financing district, to help fund the project.
Copyright 2017 WAVE 3 News. All Rights Reserved.