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Funtimes Arena Messes Will Never Go Away

September 24th, 2013 by jake · 8 Comments

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 Legislators were also told that specific debt had essentially been rescinded by an agreement between the Arena Authority and Fair Board.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.

Tags: Arena · Bad Behavior · State Government

8 responses so far ↓

  • 1 The 'Ole Highlander // Sep 24, 2013 at 1:13 pm

    The continuing secrecy that pervades the activities of the local [u]niversity [small 'u'] is getting to the point that it is completely over the top. Where has the public responsibility gone? Where has the public accountability gone? Who do these people think they are — continually hoodwinking the public about nearly everything that they’re involved with — including the quality of the ‘education’ they offer — and for which their ‘Mission Statement’ mandates.

    IF this is NOW a ‘college town’ instead of a major city — it’s, indeed, becoming a rather pitiful college.

  • 2 Novena // Sep 24, 2013 at 6:56 pm

    “Rock on, ‘Ole Highlander!”

    It is really disturbing that UofL can continue to hoodwink the public, perform myriad dubious activities in secrecy, and no public figures or bodies deign to investigate the shenanigans. Does UofL have free reign to do whatever it wants in the city and Commonwealth? When will we stop bowing to JR & Co. as if they are king and princely council not to be questioned? Are Highlander and I the only citizens downright angry about this?

  • 3 The 'Ole Highlander // Sep 24, 2013 at 7:51 pm

    Novena: There’s a reason why you and I (and Jake) are the only ones who have commented, so far. Louisville is ‘asleep.’ It’s been ‘asleep’ for decades, fully content to have its political leaders do photo ops, cut ribbons for Comfy Cow remodels and go to festivals on the waterfront proclaiming its a ‘world class city.’ Anybody who’s travelled beyond Jeffersonville or Elizabethtown knows that’s b.s. — but few, if any, care. Most unfortunate.

  • 4 Jeff // Sep 24, 2013 at 10:42 pm

    A few realities come to fore in this discussion; #1) Universities (nationwide, not just locally) have become industries (jobs, research money, NCAA revenues); #2) U of L is no exception to #1; #3) No power brokers in Louisville (Metro Gub’mint, Bluebloods) will ever challenge #1 or #2. So here we (Metro Louisville) are now w/ the end results of the aforementioned theori. It is what is. Either accept it for the benefit of something to do (drink beer @ the Stadium or Yum) or take action.

  • 5 Nova China // Sep 25, 2013 at 6:29 am

    This is what happens when public officials in positions of power have absolutely nothing to fear from the people they are supposed to serve. Get used to it, because it’s only going to get worse.

  • 6 The 'Ole Highlander // Sep 25, 2013 at 8:01 pm

    Jeff: You’re (by and large) correct. But there’s one thing you’ve missed. EVERY Yum bondholder is NOT a UofL supporter. They tried ‘like hell’ to cause that to be the case-but the $350mm was just too much. So, sooner-or-later the non-UofL supporters — who just bought the bonds because they thought the city was guaranteeing them – will bring the “house of cards” down in the local bankruptcy court — and the whole UofL contract will be tossed.

  • 7 Bernie Madoff // Sep 26, 2013 at 3:36 pm

    What a sweet deal for the City of Louisville and the Commonwealth of Kentucky!

  • 8 The 'Ole Highlander // Sep 26, 2013 at 5:37 pm

    Hey Bernie: Did you talk them into this?