Louisville City FC breaks ground on $65mn stadium
Louisville City FC and Louisville Metro officials hosted a ceremonial groundbreaking for the club’s soccer stadium district at the Butchertown neighborhood site, Louisville Courier Journal reported, calling the event “a symbolic declaration of commitment to the project even as club owners disclosed rising costs.”
Main construction on the stadium isn’t scheduled to begin until September, but Louisville City FC co-owner Mike Mountjoy told the Courier Journal the projected cost to build the 11,300-seat arena has already increased to $60-65 million, up from the $45 million estimated in the initial development agreement approved by Metro Council in the fall.
Louisville City FC is receiving financial assistance from the city and the state for the district, which is slated to include office, retail and hotel space in addition to the stadium, the report said.
Not nine months since the deal was approved, club owners are preparing to exceed the guaranteed spending minimum of $45 million on the stadium specified in the development agreement.
Mountjoy said the impact on the total cost of the project has yet to be seen, but that it could wind up at more than the projected $193.1 million.
“Our TIF (tax-increment financing) application had $193 (million) so we don’t want to say it’s going to be more than that, but so far the stadium’s way over what we projected,” he said. “The buildings, I think, will be closer to what we projected.”
Louisville Metro Government is partially funding the project through a $30 million bond, which will mature to $42 million, while the state awarded the soccer club $21.7 million in tax-increment financing. Louisville City FC owners are on the hook for at least $130 million total in private capital and agreed to pay back $14.5 million to the city for the land.
Louisville City FC co-owner Tim Mulloy said the club hopes to have a general contractor hired by August and to begin laying foundations Sept. 1, the report said.
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