Proposed Budget Includes $40 Million Debt for Rupp

Reported by: Melanie Kendall
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 4/09 7:43 pm

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.

Share
Most Popular
1 dead, 2 injured in motorcycle club shooting
One man is dead and two others were injured after they were shot at an eastern Kentucky motorcycle club.
Police: Kids Stole Popsicles, Shot At Ice Cream Truck Driver
Lexington Police said a group of juveniles stole from an ice cream truck and shot at the driver. And officers said the same kids later tried to break into a nearby home. Video Video
36 Blitz: Rowan Co. Vikings
Ray Graham Returns To School He Led During Early 80s Stint Video Video
Women Chained To Dog House Protests In Frankfort
A woman chained to a dog house rallied in Frankfort against Kentucky's animal chain laws. Amira Thayne said Kentucky needed to better protect animals by banning animal chains. The stop in Frankfort was part of her 'Dogs Deserve Better' campaign. Video Video
Postal Service issues hot rod envelope
The U.S. Postal Service is offering a commemorative envelope this week in Louisville in honor of the 45th annual Street Rod Nationals.
Inergize Digital This site is hosted and managed by Inergize Digital.

WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.