Louisville Soccer Stadium P3 Approved for $21.7M TIF

The partners in Louisville City FC will move forward this summer with development of a $65 million soccer stadium project, following Thursday’s approval of a $21.7 million tax-increment financing plan that will allow them to recapture a portion of their investment from taxes generated around the project site.

The soccer stadium will be the centerpiece of a $193 million public-private partnership (P3) supported by the TIF as well as Louisville Metro Government’s contribution of property where the stadium will be built. Louisville Metro Council voted in November to approve a $30 million bond to purchase and remediate property, and to make infrastructure improvements that will allow development.

According to an Insider Louisville report, the soccer stadium partners increased their planned investment to $65 million from initial estimates of $50 million, and the proposed capacity will be 11,330 compared with an initial plan to include 10,000 seats.

“We’re seeing additional demand,” Louisville FC executive vice president Brad Estes told IL. “There’s just a lot of excitement right now.”

The partnership group also plans to develop an entertainment-focused business district that would include two hotels and a mix of restaurants, retailers and office space.

Work on the stadium is expected to begin in August.

“This is the true definition of a public/private partnership,” Estes told Business First. “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.”

More reading:

Soccer club secures state funding for $193 million stadium project, work to begin in June

Louisville City FC nets state tax subsidy for Butchertown soccer stadium deal

Louisville City FC acquires $21.7 for stadium

Here’s how much financing Louisville City FC is getting from the state for its stadium

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