The financial plan was initially scheduled to be released in November but has been repeatedly pushed back until the city could get accurate estimates on how much the renovation would cost, Gray said.
"First we had to get the design locked in and then we had to get an estimate of construction costs, and that gives us a solid platform for a financing plan," he said. "That's underway now."
The preliminary designs for Rupp have already cost about
The project got a big boost when Gov.
Beshear, at a news conference Monday to unveil the plans for Rupp, said he is backing the project because it's important to invest in downtowns. He also said it's a great time to borrow money because interest rates are at historic lows and the Rupp project is a unique public-private partnership that will spur economic growth.
"I am confident with all of these parties at the table, this project will become a reality and I am going to make sure that it does," Beshear said.
"I support the project and will work to move it forward and to return the severance money, a concept everyone involved has agreed to," Stumbo said.
"The governor's bond proposal for
Gray said that the city is pushing state leaders to back the project.
"I feel good about our conversations with the legislature," Gray said. "They are doing their due diligence and asking the right questions. I feel like this is an incredible project. If you look at it from an economic development point of view, what we have is a brand that today is under leveraged and we are providing a plan and an opportunity to leverage it."
Gray said the financing mix would include naming rights for the arena, fan contributions and tax increment financing. He said the city also will contribute but he declined to say how much. That information will be part of Gray's budget proposal, which will be released in coming months.
Tax increment financing uses tax revenues generated from a project to pay off part of the infrastructure costs.
Gray said lessons from
"We have been working on
Peevy said the university is currently in negotiations on its lease agreement. But Peevy said that the current agreement is structured more like a tenant and a landlord. He said the university views the relationship as more of a partnership.
When asked if
"It's part of being a long-term relationship," Peevy said. "It's a partnership, if we're holding their feet to the fire ... that really doesn't help us in the long-run. We don't want that to go back to the taxpayers of the city of
"Although we have not made a decision yet on naming opportunities, we know that Rupp will always be part of the name," Gray said.
Gray did not give any more details about how fans can help pay for a renovated Rupp, saying only, "Surveys have shown us that there is a lot of enthusiasm for it."
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