— Steve Zissou, as played by Bill Murray in “The Life Aquatic with Steve Zissou”
My apologies. The city should be grateful for today’s news. Louisville’s Arena Authority today announced that Assured Guaranty, a Bermuda-based bond insurer, will insure the bonds for the city’s new downtown arena.
But really, how often do you get to use the phrase “bond company stooge” in the sports section?
Anyway, the news means, in short, that the project now can move forward, with the authority issuing $360 million in bonds and the state issuing $280 million.
Total cost of the arena over 30 years is projected at around $602 million.
I still contend we might’ve built two arenas for nearly the same money, not that we need two.
Still, if this deal gets done, it’ll be a great thing for the city if the logistics of running the place can all be worked out. It’s a concern that U of L basketball will occupy the facility for maybe 40 dates a year, and will have control of the facility during basketball months.
In another arena development today, Sacramento is moving forward with a $650 million plan to build an arena at the Cal Expo Fairgrounds — but that cost includes not only an arena, but a major revamping of the surrounding fairgrounds. It’ll be interesting to see how that proceeds, since that course of action was pretty roundly rejected here.