UPDATE: Rupp Arena Renovation Tops $350 Million Mark

Contributor: Lance Vaught
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Updated: 4/25 9:17 pm
The financial plan to remodel Rupp Arena has set the price tag at $351 million, according to figures from the city that were requested and first reported by the Lexington Herald-Leader and later confirmed by ABC 36 News

The city said $302 million would go toward construction and design costs, but $18 million would need to be set aside to pay off the arena's 2004 renovation.

According to the city, $80 million for the remodel would come from state bonds, $40 million in bonds would come from Lexington and $35 million from "Team Rupp."

Officials said the Team Rupp initiative would involve proponents of the renovation paying a one-time fee of $300.

Under the plan, $250 would go toward the remodel and $50 would be sent to the University of Kentucky.

That means 140,000 people would need to contribute $300, which would total $159 million.

The Lexington Center Corporation would get the rest of the $192 million in the form of a loan, which would be paid back at around $15.3 million a year over the course of 30 years, according to city leaders.
Most Popular
2014 36 Blitz: Corbin Redhounds
Perennial power under new leadership with unlikely connection to the program. Video Video
Police: Woman tried to strangle child with rope
Louisville police say a woman contemplated killing an 8-year-old boy then tried to strangle him with a rope.
Postal Facility In Lexington Scheduled To Be Closed In 2015
The U.S. Postal Service's processing and distribution center on Nandino Boulevard in Lexington is scheduled to be closed next year to save money, according to the USPS Website. Video Video
Winchester Parents: We Need More Diversity In The Schools
Some Winchester parents hope their voices will be heard at the Clark County School board meeting, August 19th. They said there's not enough diversity among the staff. Video Video
Arrest Made In Elderly Man’s Death
A couple of weeks ago an elderly man was brutally beaten to death at his Lexington apartment on Appian Way. Video Video
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.