Like many large scale projects around the country, REX’s Museum Plaza, in the city of Louisville, Kentucky, had just broken ground and had given light to many dreams for the downtown community when the nation’s financial crisis hit the city. Needless to say, financing came to a standstill and funding for the towers the city had been hoping for was no longer an option. Their current construction loan of $140.5 million, city contributions, bonds and funds already put forth by the team was not enough to proceed in their construction efforts until positive news came their way at the turn of the month. More images and description after the break.
Upon applying for a $100 million federal load from the U.S. Department of Housing and Urban Development (HUD) this past summer, Congressman John Yarmuth and Governor Beshear were very grateful and pleased to announce a letter that was sent by HUD stating an optimistic loan commitment while will allow the city to continue construction on the project. Of course, many might speculate why this would be the opportune time to carry out this endeavor, and the answer is very clear. By applying for this loan, the city would not only have an elegant skyscraper to act as a landmark, but it would bring much needed economic stability and ignite a sense of pride for its residents in a risk-free environment. This proposed funding would be risk-free in the sense that the developers have agreed to give back the money through its expected profits. This project would create about 4,500 construction jobs combined with about 2,300 permanent jobs to make a total of about 7,000 jobs will soon be available to give great hope to Kentucky’s economic stimulus.
