Mayor Greg Fischer today proposed a $30 million bond ordinance to support the Louisville City Football Club soccer stadium and district announced last week, and said he will soon propose another $30 million in bonds for several other economic development projects.
The bond introduced at Metro Council today and sponsored by 4th District Councilwoman Barbara Sexton Smith would provide $30 million to buy about 35 acres of land in Butchertown for the stadium, as well as brownfield remediation and public infrastructure improvements.
Projects that may be supported in future bonding include:
“Each of these developments represents a major quality-of-life and economic development boost to our city,” the Mayor said. “These are smart opportunities, and when opportunities to move our city forward come up, we’re going to go for them. That’s how you create momentum, and that’s how you keep it going for the future of our city.”
Councilwoman Sexton Smith said: “This is a strategically aligned business decision that will create jobs taking into account the taxpayers’ money first. One hundred percent of our funds will be used to purchase the land and improve the infrastructure. The best part is we will receive $14.5 million in lease payments and another $15 million in projected property taxes over the next 20 years. It’s a great deal for our city, with Butchertown leading the way!”