Big arena development

“I’ve never seen a bond company stooge stick his neck out like that.”

— 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.

Advertisements

5 thoughts on “Big arena development

  1. I’ll never understand why they chose the current location over the Water Co. block. It was cheaper and arguably a better location- but at least something is getting done.Maybe someday someone will write a book about the political maneuvering that forced the current location on us. M

  2. They had to get a company in Bermuda to insure the bonds? They couldn’t find an American company to do it?Thanks for sending more of our money out of the country.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Blog at WordPress.com.

%d bloggers like this: