Louisville Arena FRANKFORT, KY (WEKU) - The Kentucky General Assembly's Appropriations and Revenue committee has gotten an update on cost projections for the Louisville Arena project.

The state has a 75-million dollar stake in the project, and Arena Authority Chairman Jim Host says 74-million has already been spent on site preparation. Host says the final guaranteed maximum cost of the project is now set at 238-million dollars, 11-million less than an earlier estimate.

"It's less, not more. And I'm not aware of very many public projects in this state that have ever been less three years later, than more."

Host says the Authority is scheduled to close next Wednesday on a 349-million dollar bond issue for the project. He remains confident the facility, once built, will have no trouble generating the kind of revenue that will be needed to service those bonds. The arena will be home to the men's and women's basketball programs at the University of Louisville, and a venue for public events. It's scheduled to open in November 2010.

UPDATE: The Arena Authority has successfully closed on the bond deal, assuring the project will move forward. © Copyright 2009, WEKU