LOUISVILLE, Ky. -- Louisville mayor Dave Armstrong has sent his final
financing plan for a new downtown arena to the University of
Louisville and the NBA's Charlotte Hornets, who plan to announce
this week where they will play next season.
The plan was also delivered Friday to state officials and Tricon
Global Restaurants, the parent company of KFC, the Courier-Journal
of Louisville reported. Tricon is the key corporate player in the
city's bid.
The university is also considered a vital component to the
city's pursuit, and the new plan includes $30 million the school
had requested for a variety of athletic construction projects, the
newspaper reported.
University of Louisville president John Shumaker and athletics
director Tom Jurich have expressed a willingness to play in a
downtown arena with the Hornets, if certain financial conditions
are met.
Louisville men's basketball coach Rick Pitino has said he would
oppose sharing an arena with an NBA team, but has backed off that
stance recently, saying he would accept it if Shumaker and Jurich
thought it was best for the school.
The university asked the city to issue $30 million in bonds -- on
top of the $259 million arena project -- to complete construction of
the Cardinal Park sports complex and build a residence hall for the
men's basketball team, among other things.
The city has met that request in the plan, the newspaper
reported, citing two unnamed sources.
Under Armstrong's original plan, unveiled on Nov. 27, most of
the money to pay off the bonds to build the arena would come from a
variety of sources, including a contribution from the Hornets, a
ticket surcharge and a state rebate of most new taxes generated by
the arena and the team.
Vicki Glass, a spokeswoman for Armstrong, said Sunday the plan
had been sent to the parties involved, but that Armstrong wouldn't
comment on it until he's heard back from each of them.
Charlotte Hornets co-owners Ray Wooldridge and George Shinn
planned to announce by mid-January where their franchise would be
playing next season. Wooldridge has said the franchise has lost
millions playing in outdated Charlotte Coliseum, which lacks the
luxury suites that more modern NBA venues have.
Wooldridge said last month Louisville was "a front-runner,"
but has also visited St. Louis, Norfolk, Va. and New Orleans to
consider bids. Shinn and Wooldridge visited New Orleans last week.
Wooldridge said last month he saw little chance of keeping his
team in Charlotte, but city leaders there have recently
jump-started plans to build a new arena.
The Hornets must file an application for relocation with the NBA
no later than March 1.
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