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Worst-Case Arena Scenario
By rick | July 24, 2008
On Saturday, everybody seemed to be in agreement that the implosion of the Riverview Square building on Main Street was a sure sign that the downtown arena was all set. “The end of the beginning,” the Mayor called it.
This week the wrecking ball has been knocking down the remaining LG&E building on the site.
A big event was planned for Wednesday to announce the final details of the bond financing that would pay for the $249 million construction project, and dignitaries had cleared their schedules in order to be in Louisville to take credit for the big success.
On Tuesday, officials postponed the event, saying there was a simple delay and the same people would gather in a week, once details with the guarantor of the bonds were worked out. No problem, Jim Host and others told the press.
With all that on the line, you can imagine how discouraging it must be for Host to say today that the bond deal is not likely to work and that they’re going to have to find another plan to pay for the project.
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