Thursday, September 16, 2010
Weakened Economy Threatens Arena
KENTUCKY...
Taxpayers in the city of Louisville may end up with an unexpected $3.3 million bill for the new downtown arena.
That's because a plan to use rising sales tax revenues to help pay for building the KFC Yum Center on the city's waterfront didn't raise a single cent last year. The plan had projected $4.5 million in sales tax revenues.
Arena authority chairman Jim Host says the blame belongs to the weak economy and an 8percent slide in sales tax receipts in the arena's taxing district.
If sales tax projections continue to lag, Louisville's Metro Government could have to come up with an extra $3.3 million as early as 2012.
The city's annual contribution to the arena is capped at $10.8 million.
Taxpayers in the city of Louisville may end up with an unexpected $3.3 million bill for the new downtown arena.
That's because a plan to use rising sales tax revenues to help pay for building the KFC Yum Center on the city's waterfront didn't raise a single cent last year. The plan had projected $4.5 million in sales tax revenues.
Arena authority chairman Jim Host says the blame belongs to the weak economy and an 8percent slide in sales tax receipts in the arena's taxing district.
If sales tax projections continue to lag, Louisville's Metro Government could have to come up with an extra $3.3 million as early as 2012.
The city's annual contribution to the arena is capped at $10.8 million.
# posted by Homer Owens @ 12:05 PM 
