quote:

Originally posted by ZOO:
to quote myself...
"While not spending the money won't necessarily put more police on the streets or feed the hungry, I can guarantee that building an arena will not do those things either."

Regarding the size of Freedom Hall, I was not aware that it so regularly sold out for games, concerts etc.

And a question (I sincerely do not know the answer, not trying to be an a$$) but who pays for the bonds when issued?

ZOO: I have to wonder why we should wait until we have a cop on every corner and a soup kitchen in every zip code before we consider undertaking a project that could replace an antiquated Freedom Hall and potentially serve as an economic catalyst for further downtown development. There's always going to be some public safety or social service function that could use more funding.

Has it ever occurred to you that maybe Louisville has trouble funding public safety and social service needs because our growth has essentially stagnated??? A city without growth is hard pressed to fully fund public safety, much less any thing else. Just ask a Detroit resident if their police force has been expanded lately.

As for Freedom Hall not selling out frequently, why would it? Do you really think the Rolling Stones and any other top act is going to book a venue like Freedom Hall that is so woefully small and out of date??? Of course not. Freedom Hall is a lot like Louisville's Memorial Auditorium - each may have been state of the art at one time but time has moved on and left both in the dust.

Last but not least, here is the answer to your question about the source of revenue for paying off the state bonds. "The authority will then make the annual payments on that bond debt using a designated $2 fee on tickets, the selling of ads around the facility and by capturing extra tax money generated in the downtown area as a result of the arena." Questions arise on arena, site selection

I really think we would all be rather foolish to thumb our nose at Governor Fletcher's willingness to return $75 million to Jefferson County. It is a rare day when we get substantial money back from Frankfort. It would be pretty stupid to squabble the opportunity away.

thank you Toast... but now more questions... According to the link:
"The arena itself would cost an estimated $381 million. Part of the funding for that relies on the General Assembly to sell $75 million in bonds."
So where does the $306 million come from?

No I don't expect an officer on every corner along with a soup kitchen. My point was that the city is constanly whining about they can't afford this or that... even looking at shutting down some fire depts, yet we can justify $3891 million for a facility that in your opinion will sit dark 50% of the time. You also commented that cities who have taken this step have not see the economic benefits. I just don't see it as good business.
In life, there are needs and wants.... you take care of the needs first and then the wants. I don't see an arean as a need.

oh and yes, hugged cat, dogs and hubby today....

quote:

Originally posted by ZOO:
oh and yes, hugged cat, dogs and hubby today....

That's great. This world could use a lot more hugs.

Funding for the arena will come from a number of sources.

"...the private sector has pledged $44 million in funding to the arena. Metro Louisville is paying $100 million, and the state's pledge of $75 million is still pending General Assembly support."

Local Businessman Makes Generous Contribution To Fund Arena

Yes, ZOO, arenas have not proven to be panaceas to cities' economic woes in and of themselves. I do believe that this arena, combined with recent waterfront development, Louisville Slugger Field, and other nearby developments will help insure the economic vitality of the arena. As I see it, the arena is something we need to keep our waterfront renaissance going.