Louisville is on its way to building a soccer stadium.

Metro Council voted 23-2 at a meeting Thursday night in favor of a deal that included a $30 million bond to partially fund Louisville City FC's Butchertown stadium development district.

The council passed all four measures pertaining to the stadium project, including an ordinance to apply to the state for a tax-increment financing (TIF) district around the proposed development site.

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The 10,000-seat stadium is planned as part of a $200 million, 40-acre development that also is to include at least one hotel, offices, retail and housing. The site is south of Interstates 64 and 65, north of Water Street and south of Witherspoon and Adams streets in the Butchertown neighborhood.

"Did everyone get every little thing they wanted? Probably not," said Councilwoman Barbara Sexton Smith, D-4th District, one of the deal's sponsors. "But it got to point where all questions were asked and all questions are answered."

The city will leverage a $30 million bond, which will mature to $42 million, to purchase 37 acres from four different landowners and to pay for public infrastructure. Louisville City FC will buy additional land parcels owned by LG&E and the Waterfront Development Corporation.

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Louisville City FC owners are required to spend at least $130 million in private capital on the development, including $45 million on the stadium itself, and will pay back $14.5 million to the city.

"All costs in excess of $30 million dollars for whatever purpose shall come from LCFC parties," the agreement says.

If Louisville City FC pays back the $14.5 million within 10 years, all is good. But if after 20 years the soccer club has failed to spend the required $130 million, the agreement says, Louisville City FC will owe the $14.5 million plus any balance left over after subtracting incremental tax revenues from the cost of the land.

"I don't think this is a giveaway," said Councilman Kevin Kramer, R-11th. "It's a small investment that's well worth the money for Louisville."

Louisville City FC must be playing in a soccer-specific stadium by March of 2020 in order to remain a member of the United Soccer League. If construction on the stadium does not begin by Jan. 1, 2019, the development agreement says, the club has 60 days to either buy back the land from the city or let the city keep the property for its own purposes.

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The measures passed despite pushback from a labor group on fair wages and concern from council members and others that the deal was being rushed – concern that delayed the vote two weeks to Thursday.

One amendment to the deal was introduced Sunday, and a second guaranteeing the $130 million in private capital was added just hours before Thursday's meeting.

Many council members expressed begrudging support for the stadium deal while suggesting the legislation could have been tweaked more.

"We had to give so many compromises just to get this acceptable," said Councilman James Peden, R-23rd. "We still could have done more."

"I think the reality is there are lots of opinions," said Louisville City FC chairman John Neace. "We wanted more than the majority, and we got that. It's a good deal. I don't think there is a perfect deal."

Some council members said they supported the stadium deal as an opportunity to attract state-level investment in the city.

"This is the kind of things that jumps Louisville into the next century," said Councilman Brent Ackerson, D-26th.

Louisville City FC will pay its employees at least $12 an hour, the agreement says. In addition, the club must ensure that employees hired to work in the stadium are paid at least $10 an hour.

Fischer’s office announced Wednesday that the club came to an agreement with the Urban League to help recruit and train employees for construction work on the stadium.

Louisville City FC will also provide the Urban League a 60-day notice on future jobs that are needed at the site. It will also pay the civil rights group $125,000 across two installments to fund the job training classes, said Brad Estes, who serves as the club's executive vice president.

What happens now?

The city will submit a TIF application on behalf of the club to the Kentucky Economic Development Finance Authority, which next meets in December. The city expects to reap $12 million from the TIF district over 20 years, according to the development agreement.

Louisville City FC board member Tim Mulloy said the club hopes to get the TIF approved by May.

In the meantime, the city will exercise its options on the Butchertown land before they expire Nov. 10. Club owners will work with an architecture firm to finalize the site plan and keep looking for tenants for the development area.

"We need to have shovels in the ground by August 1," Mulloy said.

Louisville City FC released a study this month that estimates the stadium and surrounding development could generate $13 million a year in tax revenue and create roughly 2,500 jobs each year. It says the $185 million project in the Butchertown area could yield $1.8 billion in labor income and generate $261.4 million in state and local tax revenue over 20 years.

Sports enterprise reporter Danielle Lerner can be reached at dlerner@courier-journal.com or 502-582-4042.