Louisville Arena Authority

Local News
3:09 pm
Tue December 31, 2013

Louisville Councilman to Request State Audit of KFC Yum Center's Overseer

Credit Amanda Donhoff / WFPL

A Louisville Metro Councilman plans to ask the state auditor to conduct a review of the Louisville Arena Authority, which oversees the KFC Yum Center.

Councilman Dan Johnson, D-21, says the authority—which is a state body—has been mismanaged, and the University of Louisville’s control over the authority’s board has caused it to underperform.

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Local News
3:14 pm
Fri December 27, 2013

Louisville Metro Councilman Calls for Review of KFC Yum Center-UofL Lease After S&P Lowers Rating

Credit Amanda Donhoff / WFPL

Standard & Poor's has reduced the rating of bonds used to pay for the construction of the KFC Yum Center.

The lower rating of "BB" from "BBB-" on senior lien bonds stems from concerns that the tax increment financing district used to pay part of the debt isn't performing as previously expected, the financial services agency said. The downgrade lowers the bonds below investment grade to "junk" status.

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Local News
4:27 pm
Thu May 23, 2013

Fair Board OKs Agreement to Get $1.47 Million Payment to Sever KFC Yum Center Ties

Credit File photo

The relationship between the Kentucky State Fair Board and the KFC Yum Center has moved closer to conclusion with the fair board’s approval of a compensation plan for its costs from running the arena.

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Politics
5:59 pm
Wed February 27, 2013

Amid Financial Woes, Mayor Greg Fischer Appoints City CFO to Arena Authority Board

Mayor Greg Fischer has appointed the city's chief financial officer to the Louisville Arena Authority Board amid growing concerns about the financial stability of the KFC Yum Center in downtown.

The mayor named Steve Rowland to the board on Wednesday, giving the CFO a voting position. Fischer believes the CFO will help the arena authority have a broader view of city operations and related financial projections.

"There’s no doubt the KFC Yum Center is a shining star and the envy of other cities," Fischer said in a statement. "At the same time, the city’s financial responsibility to the bondholders is a significant expense in the city budget. Additionally, revenues from the tax-increment financing district supporting the arena have not performed to the original projections."

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