Fifth Third Bank to finance new LouCity FC stadium

LOUISVILLE, KY (WAVE) - Louisville City FC says it has an agreement in place to complete the financing of the team's new stadium.

Louisville City says Fifth Third Bank will lead the syndication of the 11,300-seat $55 million facility that will be located in Louisville's Butchertown neighborhood. The law firm of Middleton Reutlinger will serve as counsel to the team.

"Fifth Third Bank is proud to assist as part of the LouCity process for the Butchertown stadium development," said Mike Ash, Fifth Third Bank Regional President, Kentucky in a release from the team announcing the financing deal. "Louisville City FC is building something special in our city and we are proud to help them serve the community in this way."

MORE FROM WAVE3.COM
+ Future of Nachand Fieldhouse after racial slur reversed donation
+ Louisville wants Forecastle fans to put down roots
+ JCPS launches new, back-to-school website

At the end of May, the team secured $21.7 million in TIF financing, money that will flow back to the club as revenue as it generates incremental taxes in the district. Team officials say the TIF was a key component to obtaining the bank financing, as it will help service the debt for the stadium.

The transaction is expected to close in August and will allow the stadium project construction schedule to remain on course. Construction on the stadium is set to begin in August 2018 with the first match in March 2020.

Copyright 2018 WAVE 3 News. All rights reserved.