House Speaker Jody Richards filed HB 516 last session in an obvious attempt to create taxpayer funding for a Louisville arena regardless of how bad a deal it is for the actual taxpayers.
The bill would allow cities to finance 100% of the cost of building a professional sports stadium with local property tax revenues and without the possible hindrance of a net positive impact review that would otherwise be required.
A shiny new building for a sports venue is nearly always a fun thing to visit, but also quite often it is a good deal for a small handful of powerful people and a lousy one for taxpayers.
Ask George W. Bush.
Fortunately, the bill died in the Economic Development Committee, but that probably had more to do with time running out than the most powerful Democrat in Frankfort being snubbed by a vulnerable member of his own party.
Richards may well try to bring this back. He should be stopped.
Incidentally, the way I found this bill was through the www.kentuckyvotes.org site. It is not fully operational, but it is an extremely helpful tool and will be huge when it is done. Check it out. You can comment on bills.
