Lexington Mayor Jim Gray has proposed a budget that includes $40 million dollars in debt to pay for Rupp Arena Renovations.
“Rupp is really a statewide asset, it’s a national brand and it's all about creating jobs and opportunity for our citizens,” said Mayor Gray.
The project is supposed to bring thousands of jobs and Mayor Gray said funding this project is part of the responsibility of a good city.
“Sometimes you've got to save money to make money and sometimes you've got to invest, to spend in order to make money to make investments that are going to pay off,” said Mayor Gray.
It’s an investment that he says will help the community grow.
“We're thinking ok how are we going to create jobs in the future, create opportunities for our citizens in the future,” said Mayor Gray.
In his proposed budget, Mayor Grays asks the city to approve a $40 million dollar bond package the city won’t have to start paying until the project starts in 2016.
He said the city would pay the bond back at two million dollars a year.
“We're not talking about new taxes at all, we're talking about doing this from existing revenues and that's only come because we've been efficient in running our government in the last three years,” said Mayor Gray.
He said it’s to cover part of the $310 million dollar price tag of the project.
“This is a routine expense; these are routine expenses of a city just like actually these are routine investments made by businesses,” said Mayor Gray.
The Rupp Renovations has faced a lot of opposition.
The Urban County Council will go through Mayor Gray’s proposal over the next few weeks then vote on a budget sometime in late June.