Paducah Bank partners in financing for Louisville FC Soccer Stadium

12/21/2018
From the Louisville Business First 
by Marty Finley, Reporter, Louisville Business First
https://www.bizjournals.com/louisville
 
Rendering of the Louisville Soccer Stadium

Louisville City FC has received an early Christmas present. The soccer club said Thursday that it finalized $50 million in financing syndicated by Fifth Third Park for its new stadium in Butchertown. Other banks in the deal are First Financial Bank, Regions Bank, Paducah Bank, WesBanco Bank Inc., Stock Yards Bank & Trust Co. and Commonwealth Bank and Trust. Middleton Reutlinger served as Louisville City FC's legal counsel on the transaction.
 
"Fifth Third Bank is proud to serve as the leader in the syndicated bank facility for the Lou City
stadium." Michael Ash, regional president of Fifth Third Bank Kentucky, said in a news release. "We
remain committed to the development of this community, and it is that vision that drew us to this
project."
 
The lending partners were lined up after Louisville Metro Government spent about $25 million to buy
and clean up 35 acres in Butchertown for the stadium and allocated another $5 million to add public
infrastructure and greenspace to the site.
 
In exchange, Louisville City FC agreed to pay $14.5 million of that cost back over 20 years through
leasing and selling parcels surrounding the stadium. The stadium will be constructed and owned by
the team, so it is responsible for the construction costs.
 
The Kentucky Economic Development Finance Authority also authorized as much as $21.7 million in
tax-increment financing toward the stadium project.
 
The proposed 11,300-seat stadium is set to open in early 2020 and is under construction now. A joint
venture of Messer Construction and Harmon Construction was named the general contractor for the
project last month.
 
The stadium will anchor a roughly $200 million commercial district in Butchertown that could include
hotels, Class A office space, restaurants, retail and other commercial uses.
 
Stadium features include 18 luxury suites, a Premier Club area that will seat 250 fans, club and loge
seating, a 40-by-72-foot video board and eight bars.
 
"Our new stadium is a real sign of progress both for this club and the community at large," Louisville
City FC President Brad Estes said in the release. "For the first time, we will benefit from all the revenue
streams associated with professional soccer, which means sustainability for our business model long
into the future."
 
Estes said Thursday that the team also is seeking a naming rights partner and new corporate
sponsorships for the stadium. The club hopes to have a naming rights deal together in the coming
months.