LOUISVILLE, Ky. – Defending USL Cup champion Louisville City FC announced on Thursday the club had acquired $21.7 million in Tax Increment Financing (TIF) for the team’s Butchertown stadium development site, which is 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, according to the club’s Executive Vice President Brad Estes:
“This is the true definition of a public/private partnership,” said Estes. “Our ownership has demonstrated great vision in building this club, but the support in Louisville and in Frankfort have been equally key for 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.
“We are pleased that we have been able to work with the state of Kentucky to set up this TIF district,” said City FC Co-Chairman Mike Mountjoy. “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.