Friday December 15, 2017
News Topics

photo credit: Jamesmac96

The Louisville Arena Authority and the KFC YUM! Center announced the successful refunding of its outstanding debt.  Scott C. Cox, the Arena Authority Chairman, stated that “we are pleased with the restructuring of the LAA’s debt. The new structure will allow the KFC YUM! Center to continue to operate as a world class facility for all Kentuckians.”

The weighted average interest rate for the 2017 issue is 4.544%. The weighted average interest rate for the 2008 issue was 6.455%.  This almost two percent reduction in the weighted interest rate will result in tremendous savings for Kentucky taxpayers.

The bonds were sold to institutional investors across the United States and to individuals in Kentucky.

Chairman Cox emphasized his appreciation for the partnership that achieved the KFC YUM! Center’s new investment grade rating.  Governor Matt Bevin, Senate President Robert Stivers, former Speaker Jeff Hoover and current Speaker David Osborne, Louisville Mayor Greg Fischer, the Louisville Metro Council and its President David Yates, and President Greg Postel of the University of Louisville and Mr. J. David Grissom, Chairman of the Board of U of L’s Board of Trustees all deserve great credit for their help in restructuring and improving the KFC YUM! Center’s finances.

Mayor Greg Fischer said, “Congratulations go to the KFC YUM! Center team for a successful bond sale, which will result in savings of many millions of dollars for our community.  This positive step is the result of the City, Commonwealth and the University of Louisville working together for the benefit of citizens and the local economy.”

Hilliard Lyons served as the financial advisor to the Arena for the refinancing and Bank of America Merrill Lynch led a twelve member underwriting team that brought the issue to market this week in New York.

The KFC YUM! Center is managed by AEG Facilities.

Photo: Louisville Metro Hall

Louisville Metro Government announced that it plans to hire a consultant through a competitive Request For Proposal process to review the city’s current and future facility needs, including the future use of LMPD headquarters, the Fiscal Court Building, and potential new construction through a public-private partnership on the parking lot south of Market Street between Sixth and Seventh streets.

The scope of the study will include the possibility of new construction, renovation, sale or facility purchase, as well as financing options.

The Metro Council approved $100,000 for the study in the 2017-18 fiscal year budget.  Louisville Metro Government leaders will appear before the Council Budget Committee to update the committee and solicit feedback on development of the RFP.

The study will include:

  • An evaluation of Metro Government’s current and future facility needs, including office space for countywide elected officials and including, but not limited to, the needs of the criminal justice system.
  • Consideration of a potential public-private partnership to construct a new office or mixed-use building on the lot behind City Hall on Market Street between Sixth and Seventh Streets, including the current LMPD headquarters at Seventh and Jefferson streets.
  • An assessment of the potential for new, modern LMPD headquarters;
  • An assessment of the Fiscal Court building, located on Sixth Street behind Metro Hall.
  • An evaluation of private market demands for new office or mixed-use construction and recommendations for potential financial structures for a public-private partnership

The RFP will be released no later than January 2018, with plans to select a consultant and receive preliminary findings by mid-year.

The administration is aware of the potential negative impact of pension reform on the city budget, but the need to plan for space needs is ongoing, as is seeking revenue enhancing measures such as public-private partnerships.

The largest free-admission Christmas show in the country returns to the Kentucky Exposition Center Dec. 8-10 in South Wing C. Each year more than 50,000 shoppers attend and explore the 750 booths of holiday gifts and décor.

The Christmas Gift and Décor Show has been a Louisville tradition for over 25 years. With holiday decorations and a festive atmosphere, the show promises to be a fun experience for the entire family. Children who attend will have the opportunity to take a free photo with Santa.

Attendees can also meet former Cincinnati Bengals fullback and inventor of the “Ickey Shuffle,” Ickey Woods. Free meet and greets with Ickey will be held all three days.

Admission is free and hours are:

  • Friday, Dec. 8 11 a.m. – 7 p.m.
  • Saturday, Dec. 9 10 a.m. – 7 p.m.
  • Sunday, Dec. 10 11 a.m. – 5 p.m.

Parking is $8 per vehicle and $20 per bus.

Click here for a map and information about parking, shuttles, wheelchair and scooter rentals, and more.

Renowned accessories designer and author of Courting Kings, Remo Tulliani, is happy to announce that $25.00 from each Courting Kings book sold on Tulliani.com until the end of 2017 will be donated to The Muhammad Ali Center in Louisville, Kentucky. Courting Kings profiles 20 men, all “kings” of their respective industries, delivering introspective, inspiring, aspirational profiles of each detailing their personal journeys to greatness, including the closing chapter where the late Muhammad Ali is interviewed. The title will be available starting December 1 on Amazon.com, Tulliani.com and select high-end retailers across the country.

Remo Tulliani, founder of his namesake accessories brand, Remo Tulliani, sees donating to The Muhammad Ali Center as “A wonderful way to tribute such an inspiring human being who I looked up to and saw as a mentor as well. The stars also aligned with the book launch timing and holidays; it’s a season to especially embrace the giving spirit.”

The Muhammad Ali Center promotes the Six Core Principles of Muhammad Ali, one of which is “giving”. With the holidays around the corner, Remo Tulliani wanted to honor the legacy of Muhammad by giving back to the organization charged with preserving and sharing the legacy of global humanitarian and the Greatest boxer to ever fight.

The mission of the Muhammad Ali Center is to preserve and share the legacy and ideals of Muhammad Ali, to promote respect, hope, and understanding, and to inspire adults and children everywhere to be as great as they can be. “Muhammad Ali was once the King of Boxing, so it is befitting that he would be featured in Remo Tulliani’s Courting Kings,” said Donald Lassere, president and CEO of the Muhammad Ali Center.We are extremely grateful to Remo for wanting to donate proceeds from this book to the one and only organization in the world charged with preserving and sharing the late Muhammad Ali’s legacy.”

DFI Stops Investor Fraud

Photo: DFI Logo

The Department of Financial Institutions (DFI) announced that it has entered a Final Order to stop fraudulent activity by an investment adviser representative and his firm. The respondents have been ordered to pay more than $830,000 in restitution and $575,000 in fines.

DFI stated that Louisville investment adviser representative Derek Burcham and his firm, Cornerstone Benefit Advisors LLC, operating under the name Cornerstone Wealth Advisors, took fees from investors that had not been earned.

In some instances, the fees greatly exceeded what was contractually allowed.  While investor contracts stated that fees were to be no more than 1 percent of assets under management, investors paid much more – in one case more than 32 percent. Burcham manipulated and fabricated some statements so that investors did not realize what they were being charged.

“These investors were misled by their adviser and weren’t receiving accurate statements,” said DFI Commissioner Charles Vice. “DFI’s Division of Securities works diligently to stop fraud against investors, and I recommend that consumers contact the division if fraud is suspected.  It is also important for investors to regularly review statements and verify them for accuracy.”

The Final Order, entered by DFI, revokes the registrations of both Burcham and Cornerstone and also orders both to cease and desist from engaging in the securities business in Kentucky.

A separate Final Order, entered in Franklin Circuit Court, enjoined both Burcham and Cornerstone from: acting as an investment adviser or investment adviser representative, violating the Securities Act of Kentucky, and dissipating any investor money or assets acquired with investor money. The circuit court ordered restitution and disgorgement in equal amounts, noting that the investor money, in the form of unearned fees, flowed through Burcham’s business bank accounts and represents ill-gotten gains. Burcham used the unearned fees for personal expenses.

Jefferson County Public Schools (JCPS) Acting Superintendent Dr. Marty Pollio announced the hiring of a director of school choice and diversity hiring specialist.

“JCPS will continue aggressively pursuing the goals outlined in Vision 2020, and these positions will allow us to strategically prepare and plan for the future,” Dr. Pollio said.

Cassiopia Blausey will join the district as the director of school choice. She will be responsible for supporting the Jefferson County Board of Education (JCBE) in its role as a charter school authorizer. Her role will also include providing administrative leadership, management, and implementation of district processes and procedures as they relate to charter school authorization.

Blausey is currently a policy advisor for the Kentucky Department of Education’s (KDE) Office of Continuous Improvement and Support. She is a former teacher in Nevada, assistant Commonwealth’s Attorney in Jefferson County, and research analyst for the state’s Office of Education and Accountability. Blausey is a graduate of Centre College and earned her master’s in education from the University of Nevada-Las Vegas and legal degree from the University of Louisville.

Ashley Duncan will join the district as the diversity hiring specialist, providing support and guidance for minority recruitment and retention in the hiring of JCPS employees. She will collaborate with human resources, recruitment, principals, and hiring supervisors to ensure a fair, inclusive, and equitable hiring process. Duncan will implement practices designed to widen and diversify the pool of candidates considered for employment openings, including vacancies in upper-level management.

She joins JCPS from Transit Authority of River City (TARC). During her career at TARC, Duncan served as a director of diversity and inclusion, civil rights program manager, an equal employment opportunity manager, and ombudsman. She also serves the community through volunteerism, contributing to several local boards. Duncan is a JCPS graduate and earned her undergraduate and master’s degrees from Spalding University.

“We are proud to welcome our new team members, who appreciate the opportunity to build something special here at JCPS,” Dr. Pollio said. “Every day, we are focusing on improving culture and climate, increasing student learning, and providing organizational coherence. These two additions to our staff help move us even closer to our goals.”

Blausey and Duncan will begin their positions on January 2.

From the Kentucky Derby Museum:

We were honored to be a 2017 recipient of the Better Business Bureau’s Torch Award in the Large Non-Profit Organization category.

BBB Torch Award Winners and Finalists Announced
Honoring Ethical Businesses and Non- Profit Organizations in our Community

Better Business Bureau serving Louisville, Southern Indiana, and Western Kentucky is proud to announce the winners and finalists of the 2017 BBB Torch Awards for Marketplace Ethics. The winners and finalists were honored at the BBB Torch Awards luncheon on November 1st.

BBB President/CEO, Reanna Smith-Hamblin says, “Torch Awards go to businesses and non-profits that are committed to marketplace trust and conducting their business practices in an ethical manner. No award could mean more to a business or organization’s reputation than a BBB Torch Award!”

Here is the list of winners and finalists of the 2017 Torch Awards:

Very Small Business Category:
Safety NET (Winner)
Steurer & Jacoby Crafted by The Firebird Group (Finalist)

Small Business Category:
Our House Restoration (Winner)

Large Business Category:
Mortenson Dental Partners (Winner)
MCM CPAs & Advisors (Finalist)

Small Non-Profit Organization
Center for Nonprofit Excellence (Winner)
Louisville Metro Police Foundation (Finalist)

Large Non-Profit Organization
Kentucky Derby Museum (Winner)
Gilda’s Club Louisville (Finalist)

Congratulations to these businesses and non-profit organizations!

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