Louisville Mayor Greg Fischer’s administration apologized for a botched loan agreement with The Cordish Cos.—the developer of Fourth Street Live—during a Metro Council committee hearing on Tuesday.
Last month, Fischer offered up a resolution to give the Baltimore-based company an $850,000 forgivable loan to bring an unnamed tenant to downtown. The legislation was sponsored by Councilman David Tandy, D-4, and was pitched to renovate two floors for new business in the Kaufman Straus building.
But the mayor killed the proposal after learning the tenant was The Learning House, which is already housed downtown and was only moving a few blocks to a new location.
Director of Economic Growth and Innovation Ted Smith told the council’s government accountability panel that the mayor’s office made a mistake and based the request on incomplete information.
“Clearly we were too hasty in our actions as it relates to the loan request,” he said. “We take seriously the responsibilities we have to the public, the local business community and commitments that have been made in the past.”