Demolition work continues at the site of Louisvlle’s new arena at Second and Main Streets.
The arena’s project manager says 80% of the razing work is complete.
The Louisville Arena Authority was also scheduled to take possession Monday of property purchased at the site from Louisville Gas and Electric Company.
LG and E is in the process of moving a power station on the property to an adjacent location.
Meanwhile, authority Chairman Jim Host says the arena’s fixed-rate bond issue approved earlier this month couldn’t have been more timely.
He says had the authority proceeded with an earlier plan to sell variable rate bonds, it would have coincided with last week’s meltdown in the financial markets.
“To this day, i’m thankful that all the pieces of the puzzle fell together as they did,” he said.
Host says the arena is on schedule to open in the fall of 2010.