Louisville City FC secures $21.7M in TIF financing
Tax increment financing secured for City’s Butchertown stadium development; construction set to begin in August 2018
LOUISVILLE (May 31, 2018) – Louisville City Football Club can today announce that the club has acquired $21.7 million in tax increment financing for the team’s Butchertown stadium development site, set to begin construction in August.
The tax increment financing provided by the Commonwealth of Kentucky allows for the team to move through to the next phase of the project, per LouCity executive vice president Brad Estes:
”This is the true definition of a public/private partnership. Our ownership has demonstrated great vision in building this club, but the support in Louisville and in Frankfort have been equally key to our success. To say we are thankful is an understatement.”
The TIF funds from the commonwealth will flow back to the club as it generates incremental taxes in the district and will service the debt for the stadium.
Upon receiving the necessary funding to move forward, LouCity co-chairman Mike Mountjoy added: “We are pleased that we have been able to work with the state of Kentucky to set up this TIF district. This revenue will be critical to the financing of this stadium in the heart of the Butchertown Development District.”
The total cost of the project is estimated at $193 million and will be funded by the club’s investors and traditional bank financing.
About Louisville City FC
Since its launch in 2014, Louisville City FC has been committed to serving the community of Louisville and state of Kentucky as the lone professional soccer team. The 2017 season marked the third year of play for LouCity in the United Soccer League (USL), a professional soccer league based in the United States and Canada. On October 26, the Louisville Metro Council voted overwhelmingly in favor of a new soccer-specific stadium in the Butchertown neighborhood with a projected opening slated for March 2020.
Finishing in the top five in average attendance in the USL at Slugger Field since 2015, LouCity’s remarkable 2017 campaign included winning the USL Cup in the club’s first appearance in the final. Get the latest news on LouCity FC at LouisvilleCityFC.com and via the club’s channels on social media, including Facebook, Twitter, & Instagram.