Kentucky city approves funding plan for new soccer stadium
LOUISVILLE, Ky. (AP) — A public-private partnership will fund a new soccer stadium and mixed-use development in Kentucky’s largest city.
News outlets report the Louisville Metro Council approved four measures related to Louisville City FC’s Butchertown stadium development district, including a $30 million bond to finance the city’s portion of the project.
Louisville City FC owners are required to spend at least $130 million in private capital on the 40-acre development and repay $14.5 million to the city.
The team currently plays at the Louisville Slugger Field baseball park, but must move to a soccer-specific stadium by March 2020 to remain a member of the United Soccer League.
Louisville City FC board member Tim Mulloy says the club hopes to get the necessary state approval for a tax-increment financing district by May.