Despite the Economy, the Beat Goes On

Excitement. Unbridled excitement. The excitement we're talking about is completely unwavering, and it's what you hear in the voices of everyone involved with the development and revitalization of downtown Louisville.

Never mind the downturn of the economy which has, of course, affected Louisville's downtown projects the same as it has in other cities throughout the United States. Yet, the momentum here is strong, the enthusiasm and optimism continue to rise, and it seems there's just no stopping downtown Louisville.

In development terms, the $200 million—from investors, bonds and borrowing—that is going toward NUCLEUS, can only buy so much, so the University of Louisville Foundation went to Frankfort to appeal for a long-term, commonwealth-backed investment.

"Tax increment financing, or TIF, is a financing method where the state and city are willing to share a portion of their taxes with the university," Explains Vickie Yates Brown, president and CEO of NUCLEUS. In this case, the Commonwealth of Kentucky and Louisville would share income taxes left over from the arena initiative.