Louisville Arena Group Considers 3% Rental Tax
LOUISVILLE, Ken. --– The Louisville Arena Task Force is considering a number of options to help finance a new arena --– among them, a 3% car rental tax that the Louisville Metro Council would need to approve.
LOUISVILLE, Ken. --– The Louisville Arena Task Force is considering a number of options to help finance a new arena --– among them, a 3% car rental tax that the Louisville Metro Council would need to approve.
Paul Coomes, a consultant for the task force, assembled a list of potential revenue sources to pay off the arena's annual debt, the Courier-Journal newspaper reported. Coomes estimated a 3% rental car tax would generate $1 million annually.
The arena's cost is estimated at $162 million if it's built at the Kentucky Fair & Exposition Center, the newspaper reported. However, if the construction site is downtown instead, the estimated cost climbs to $270 million.
Gov. Ernie Fletcher appointed the 18-member arena task force in April. The group faces an Oct 1 deadline to select a construction site and approve a financing plan.
The arena's main tenant will be the University of Louisville.
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