LEXINGTON, Ky. -- Designs were unveiled Monday on a proposed $310 million renovation to University of Kentucky's historic Rupp Arena.
Governor Steve Beshear and Mayor Jim Gray, along with Lexington Center Board Chair Brent Rice, held a news conference Monday at Rupp Arena to unveil the details.
Much like Louisville's KFC Yum! Center, the renovations to Rupp Arena rely on tax increment financing, as well as several financial partners and a long-term UK lease. Governor Steve Beshear said he proposed using $65 million in state-issued bonds to pay for the project.
The name of the renovated Rupp Arena is not yet known, but "Rupp" will always be part of the name.
The renovation makes drastic changes to both the interior and exterior of the building and is expected to be completed in fall 2017. New seats and monitors will be added inside and a large glass exterior will be added, like the KFC Yum! Center.