UPDATE: Rupp Arena Renovation Tops $350 Million Mark

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.