New Arena Financing Plan Could Be In Place Next Week
A month after its financing plan fell apart at the last minute because of uncertainty in the bond market, the Louisville Arena Authority is on the verge of executing a new agreement to pay for the planned facility at Second and Main Streets.Authority Chairman Jim Host says the new plan should be ready for approval at a special meeting next week, but there are no guarantees. "Who knows what might happen? There could be an event that we don't know about globally, there could be an event that happens in New York, there could be an event that happens with our financial structure. So we've got between now and next Wednesday at three o'clock to keep our fingers crossed and our toes crossed to make sure it comes across the finish line," he said.Host says the new plan's chances of success have been boosted by the fact that the maximum cost of building the arena has been lowered from $249 million to $238 million. He says the arena's construction manager and others were able to drive down the cost without compromising quality.