Facts on downtown plan clarity for informed debate

June 4, 2014 

Myth: The project will be totally funded by taxpayers.

Fact: Taxpayers would bear $120 million — $80 million from the state and $40 million from Lexington — which is about 34 percent of the cost of the project, under the current funding proposal.

The largest part of the balance, $192 million, would come from bonds to be paid off from revenue sources, including the $10.7 million in annual lease payments the University of Kentucky has agreed to; sale of naming and other rights and other arena and convention bookings. The plan also calls for $35 million from Team Rupp Memberships sold to UK fans.

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