USL Louisville City FC

LouCity Secures $21.7M in TIF Financing

May 31, 2018 - United Soccer League Championship (USL)
Louisville City FC News Release


LOUISVILLE - 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 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.

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.

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