Beth Musgrave of the Herald-Leader was kind enough to catch us all up to speed on the Rupp Arena project’s financial situation today and it appears to be a complete mess. I mean, it’s a real cluster(you-know-what).
The biggest update is Lexington Center chairman Brent Rice sent UK president Eli Capilouto a letter demanding public support from the university. Rice has not heard back from Capilouto but he has until May 23 to respond.
The uncertainty of the project’s future is hurting business — big conventions are hesitant to book for 2016 and 2017 — and it’s only going to get worse if the big three (city, state, and university) can’t get on the same page to back the project. The GM at the Hilton said bookings are already down for 2015.
It doesn’t help that almost all of the $5.5 million in state money set aside for the project design has already been spent. The board voted today to halt any more spending.