KFC Yum! Center dips into reserve funds

KFC Yum! Center dips into reserve funds

KFC Yum! Center dips into reserve funds

Print
Email
|

by Tyler Druin

WHAS11.com

Posted on August 7, 2012 at 3:25 PM

Updated Tuesday, Aug 7 at 3:33 PM

LOUISVILLE, Ky. (WHAS11) - - The KFC Yum! Center is dipping into money meant for renovations and repairs in order to pay its debts.

According to documents, the reserve account now has a balance of less than $4,000. In April it had more than $3 million.

Arena officials said they had to take action because tax revenues didn't meet expectations.

They were expecting taxing district revenues of nearly $15 million, but they only received a little more than $6 million.

Renovation funds can only be used for debt payments as long as US Bank Corp, the trustee for the bond, approves the action.

The documents show a US Bank Corp vice president did sign off on the transfer.
 

Print
Email
|