{Louisville, Kentucky}...When the Louisville Arena Authority met for their September board meeting at the KFC Yum! Center Monday, the board voted unanimously to request $6.5 million from Metro Government to help them pay their debts. There was some positive financial news announced at Monday's meeting but not as high as projections. TIF (tax increment financing) monies are on the increase. That's money the arena receives from taxes on businesses within a certain radius of the KFC Yum! Center. Revenue was up from $1.6 million last year to $3.5 million this year. The authority hasn't determined how much money will be available for payments due in December 2013. Arena officials are weighing selling a package of securities that could bring in as much as $7 million and avoid using more of the city's pledge. Money could also be generated either through guaranteed investment contracts. Those are just some of the options that could be brought up at the next meeting which is scheduled for October 15th.
