Museum Plaza, the $490 million downtown mixed-use mega-project with a hotel, condos, lofts and office space among restaurants and art exhibition areas, last week received unanimous approval from the Louisville metro council committee for a $130 million bond issue to pay for public improvements. This is a key step in the process to ensure that project receives all of the financing necessary for its completion.
The bond issue that was approved will be paid through the new TIF (Tax Increment Finance) district created for Museum Plaza and will not require any Louisville Metro funding, nor will it be on the Louisville city government’s balance sheet.
The developers of Museum Plaza, however, have requested an additional $45 million bond issue from the city’s coffers to cover the extensive costs of the public improvements on site, including a new floodwall and a landscaped public plaza. The costs of the 62-story skyscraper will be privately funded.Explore posts in the same categories: Condo, Downtown, Loft, Louisville