A week after the indoor portion of its state-of-the-art sports and learning facilities opened with a track and field competition from the University of Louisville, the Louisville Urban League announced that it had achieved the last capital required for the project.
CEO and chairman Sadiqa Reynolds said on Tuesday that the $ 10 million loan from a group of nine community banks helped the League meet its goal of $ 53 million. Over the years, the cost and vision expandedfrom about $ 35 million.
And last year she said she was trying to get $ 10 million through an investment in the Opportunity Zone, a federal incentive program which offers tax advantages in order to encourage investors to invest in underfunded “zones”. Louisville has zones of opportunity around downtown, west of Louisville and south of Louisville.
“The original business model was to build this without any debt,” she said.
When that didn’t work, she turned to community banks for a loan “so that we can actually complete the project, the doors open and the trail meets running.”
Louisville-based Republic Bank worked with eight other banks to provide the loan.
“Lending a helping hand in our West End and ensuring the success of this remarkable facility will benefit our entire city for years to come,” President and CEO Steve Trager said, according to a press release.
The Central Bank, Commonwealth Bank, L&N Federal Credit Union, Liberty Bank, Limestone Bank, Stock Yards Bank, WesBanco Bank and Wilson & Muir Bank also participated in the loan.
“I’m grateful. I’m ready to move on. I’m glad the facility is open,” Reynolds said.
She expects the outdoor track to be completed in April, which will be adjacent to the indoor facility on 24 acres of land. old industrial wasteland at West Muhammad Ali Blvd. and 30th St. There is already a concrete base down, surrounding an oval of grass and providing space for those who wish to walk. But crews can’t put down padded track material intended for runners until the weather improves, Reynolds said.
The first part of the financing of the complex came in the form of a $ 10 million Louisville metropolitan government bond. The League also obtained $ 5 million from Norton Healthcare by selling the naming rights to the facility, and $ 3 million from the James Graham Brown Foundation. Millions others came from tax credits for new markets, a form of financing that offsets the tax burden on investors in return for investing capital in low-income communities.
Reynolds declined to provide details regarding the allocation of capital to operating expenses. She said some of the committed funding will arrive over time and the sponsorship money could be used for operating expenses.
An earlier version of this article referred to the amount of new business tax credits given to investors, rather than the amount received by the Louisville Urban League.