The KFC Yum! Center finished FY '14 with a $1.4M operating profit, which officials "have turned over" to the Louisville Arena Authority tasked with repaying the more than $350M in bonds "used to fund the building," according to Sebastian Kitchen of the Louisville COURIER-JOURNAL. The authority "will use the money, earned through concerts, basketball games and other events, toward repaying the debt." AEG Facilities, which "manages the arena for the authority, had budgeted an operational profit" of $1.25M and "had a guaranteed minimum operating profit" of $1.2M. AEG Dir of Finance Justin Jokovich said that the operating profit last year was $2.1M. The authority reported receiving $7.4M this year "from the state for money from the taxing district," up from $5.7M in '13, $3.5M in '12 and $2.1M in '11. The arena's financing "has been under scrutiny since two major bond rating agencies downgraded the bonds for the arena to 'junk' status, in part because of concerns over whether the authority could meet its financial obligations." Authority member Jim King, who is also President of the Louisville Metro Council, said that the arena authority "expects to begin restoring the Yum! Center renovation fund," which had $3M and "is now empty, by placing up to $300,000 a year in reserve." King has said that officials "eventually expect to reduce the city payment to the authority to assist with bond repayment" to below the maximum level of $9.8M, which is the current allocation (Louisville COURIER-JOURNAL, 9/9).
SO FRESH, SO CLEAN: In Louisville, Jeff Greer noted the Univ. of Louisville's basketball court "has a whole new look." The new court "now has ACC logos on it, a fresh new Cardinal head and a brand-new paint job." The Cardinal head "is a change from the 'winged-bird' design that previously occupied center court" (COURIER-JOURNAL.com, 9/8).
