LEXINGTON, Ky. (Nov. 18, 2009) – The University of Kentucky continues to methodically work toward the development of a plan to enhance the athletic facilities of its sports teams. The plan includes major renovations to Commonwealth Stadium, a new baseball facility and working with the Lexington Center Corporation to develop a new downtown arena.
The University intends to enter into two agreements that will continue progress of the plan. One will be for a consultant to determine the feasibility of the funding and construction for renovations to Commonwealth Stadium and the construction of a new baseball stadium, as well as construction of a new downtown arena. The university envisions the project to be completed entirely from private funding. The consultant will identify and project incremental revenues for the purpose of ascertaining whether revenues are sufficient to support the project. The consultant will develop an operating projection and capital budget analysis to show both operating and debt service requirements.
A second agreement will be with a law firm to review and examine the proposed relationships between the university, Lexington Center Corporation and the developer to ensure the operational structure complies with appropriate laws.
The university expects to initiate both of the professional service contracts within the next few weeks. In addition, the university continues to negotiate with IMG. No timeline has been established for the overall project or the completion of these two agreements.