Confused about how the math of Louisville Metro Government’s proposed contract with Louisville City FC works out? There’s a lot to it. WFPL’s Jake Ryan breaks it down here:
Over the past month, this story has had a lot of moving parts. Ahead of Thursday night’s Metro Council vote on a $30 million bond to buy land for the project, here’s what else you need to know:
The proposal includes $30 million in city bonds, which would accrue interest over time. Here’s how bonds work, why cities like to use them for projects and why they can backfire.
An economic analysis of the project has a rosy outlook on the stadium development’s long-term affect on Louisville. But experts say some of those predictions aren’t realistic.
Louisville City FC is owned by 47 well-connected community members. Many of those members have contributed money to the campaigns of current council members and Mayor Greg Fischer.
The contact between Metro Government at Louisville City FC under consideration is ambiguous on several key points, like how much money will actually be invested in the development.
Metro Council meets Thursday at 6:00 p.m.