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re: Evaluation of the future of the Smoothie King Center begins this month
Posted on 3/4/24 at 2:12 pm to CRW
Posted on 3/4/24 at 2:12 pm to CRW
quote:
Those hotel tax dollars need to be spent on the security of the people in the city.
The schools are the worse, the crime is horrible ,the police understaffed
I live in nola and totally agree. The hotel tax that goes to the state was meant decades ago to stand up the convention center. Job done, stop hoarding it. Now, it's going to luxuries like a new district for a convention center hotel and top golf--I'm all for development but those are luxuries compared to dire needs of the city. Instead of a cause in search of funds, it's now funds in search of a cause, which is bad for taxpayers.
But the state government won't stop hoarding it. The people against spending state dollars for a new stadium need to understand much of that money would be financed by nola hotel taxes.
Or better than a stadium, stop hoarding the tax money for BS and work something out to improve schools, infrastructure, and safety. The city def has a lot of problems, but the hate here goes overboard esp when the state is hoarding a huge pot of city-generated money.
From a pre-covid BGR report:
Hotel taxes will yield an estimated $200 million in 2019, accounting for about one-sixth of all local tax revenues in Orleans Parish. Of this amount, 75.5%, or $150.9 million, goes to entities that support tourism marketing, conventions and professional sports. The share for general municipal purposes is 9.5%, or $18.9 million.
...
The New Orleans Ernest N. Morial Convention Center has accumulated $235 million in unrestricted reserves largely because it continues to receive a 1% hotel tax, two hotel tax dedications, and a citywide food and beverage tax ($22 million in total for 2019) that were originally intended for an expansion project it deferred indefinitely after Hurricane Katrina. The center’s new five-year $557 million capital plan could decrease the unrestricted reserves to $122 million upon completion of the plan in 2022. However, the reserves could begin growing again by $25 million a year in 2023, according to a financing scenario the center’s financial consultant prepared." LINK
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