By Kyeland Jackson —
U of L’s Athletic Association agreed to help the university take on $91.15 million in bonds to expand the Papa John’s Cardinal Stadium.
Chief Financial Officer Harlan Sands first presented proposal to U of L’s Board of Trustees last week. The proposal will pay the $55 million stadium expansion and settle outstanding mortgage revenue bonds owed to the city since 2008. The bonds, essentially interest-rate loans from a bank, will bundle financial promises from the university, ULF and the University of Louisville Athletics Association.
“From a financial standpoint, we thought it made sense to roll these (university, ULF and ULAA financial obligations) together,” Sands said during the board of trustees meeting.