Wednesday February 27, 2013
Saying the city will benefit from having its Chief Financial Officer holding a voting position, Mayor Greg Fischer today appointed Steve Rowland to the Louisville Arena Authority Board.
The appointment is effective immediately and does not require approval of the Metro Council.
“I am deeply proud of the arena and the revitalizing impact it has had on downtown. There’s no doubt the KFC Yum! Center is a shining star and the envy of other cities,” Fischer said. “At the same time, the city’s financial responsibility to the bondholders is a significant expense in the city budget. Additionally, revenues from the tax-increment financing district supporting the arena have not performed to the original projections. Having Steve Rowland at the table will provide the Arena Authority with a broader view of city operations and related financial projections.”
Fischer said Rowland will bring a fresh set of eyes to the board. He noted that 2013 is the first year that the Arena Authority has notified the city that its maximum contractual requirement of $9.8 million will be needed to make the debt payment. In the two prior years, the city paid the minimum contractual requirement of $6.5 million.
Fischer said he hopes that, with the economy improving, revenues from the six-square-mile tax district will increase and provide the arena with an improved financial foundation.
Rowland has been the city’s Chief Financial Officer since Fischer became mayor in January 2011. He was CFO for Jefferson County Government from 1990 to 1998 and was the first financial advisor to the Metro Council, at merger, in 2003. He began his career in 1975 in the state budget office, where he worked for 15 years.
He has also been a private financial advisor and consultant.
Rowland said he’s honored to serve in this new role.
“Every citizen, all 750,000 residents of Louisville, have a stake in seeing the arena do well,” Rowland said.