State legislators were advised that the Louisville Arena Authority bond issue required the Arena Authority to set aside money for the Kentucky Fair Board. That money would make up for the revenue lost due to the University of Louisville leaving Freedom Hall, which is controlled by the Fair Board. Legislators were also told that specific debt had essentially been rescinded by an agreement between the Arena Authority and Fair Board. Interesting note: the Fair Board’s head is Dr. Lynn, of UofL fame, and formerly a member of the Arena Authority.
So… as luck would have it…
That debt is now BACK. It’s been placed back on the books as a debt of the Arena Authority. Thanks to a secret deal cut by UofL supporters on both the Arena Authority and Fair Board and hidden from public view. All in hopes of being able to keep the arena from failing due to the crazy ass lease it has with the Arena Authority.
The attempted secrecy of the entire mess has apparently been opened up by Rep. Jim Wayne, who realizes it could result in bondholders filing suit against the Arena Authority for altering bond prospectus requirements. The man has done the public a true favor in forcing the Arena Authority and the Fair Board to try honesty and transparency on for size.
But guess who cares about all this? No one in Louisville responsible for the boondoggle.