Arena Authority Approves Financing Plan
The Louisville Arena Authority has approved the sale of $360 million in bonds to pay for construction of the new multi-purpose facility at Second and Main Streets.
Authority Chairman Jim Host says pending an independent review of the arena's financing plan, the bonds will go on sale in mid-July.
"It's the culmination of over three years in probably the worst credit market we've had since the Great Depression. A lot of people did not think we could still get it financed, and we have," Host said.
Bond underwriter Goldman Sachs estimates the total debt service for the project will be just under $600 million.
Host says the implosion of an office building at the site will take place next month or in August. Louisville Gas and Electric Company is in the process of moving a transmission station from the property.The new arena, which will be home to the University of Louisville basketball teams, is scheduled to open in the fall of 2010.