Public Hearing On Museum Plaza Loan Planned For Wednesday

by Gabe Bullard on July 5, 2010

On Wednesday, Kentuckians will have a chance to weigh in on a new fundraising plan for the Museum Plaza skyscraper.

The tower is planned for downtown Louisville, but has been on hold for more than two years. The state is now planning to seek a $100 million loan through the Department of Housing and Urban Development to bolster construction.

The loan would come from private investors, through HUD, to Kentucky, where Museum Plaza’s developers have promised to repay and guarantee the funds. The application for the money will be sent to HUD this month, and Developer Craig Greenberg expects it will be judged on several criteria.

“What kind of public and private support does the project have? Will it achieve the goals of job creation for low and moderate-income individuals? Will it attract folks to work at the project from the surrounding communities? What will the overall economic impact be of the project?” he says.

Before the application can be submitted, it must be open for public comment. A hearing on the plan will be held Wednesday in Frankfort.

Greenberg says the tower’s hotels, offices and other facilities will offer permanent jobs to regional workers. The total cost of the project is about $465 million.

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