Finally some good news about Louisville’s KFC Yum! Center, the college basketball arena that has been hemorrhaging money since TIF revenues started falling massively short three years ago: The chair of the Louisville Arena Authority now says that under a new operations manager, the arena should “show a pretty amazing operating profit this year” and may soon be able to move its bonds out of junk status.
That’s indeed great news, since it means that the beleaguered arena won’t be needing any more annual subsidies from the city to remain afloat, right?
After having to unexpectedly increase the city’s contribution to debt service in this fiscal year, Mayor Greg Fischer’s 2013-14 budget includes a $9.8 million contribution as TIF revenues are again expected to not meet original projections.
Oh. Well, never mind, then. But at least it’s nice that the arena can turn a profit when the city gives it $10 million to subsidize its operations, or something? Hey, I’m trying not to be negative here! Somebody help me out!