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Deal to replace PMAC arena could require LSU land, new tax. Public can't see the details.
Posted on 3/21/24 at 7:46 am
Posted on 3/21/24 at 7:46 am
LINK
quote:
While LSU officials have been promising for weeks that no taxpayer money would be required for a proposed new arena on campus for concerts and LSU sports, the attorney negotiating the deal says some public money and university land are expected to go toward the project.
The arena project is moving forward with the blessing of the East Baton Rouge Parish Mayor-President’s office and the Metro Council, which voted to support it last week despite objections over a lack of transparency and potential harm to the Raising Cane’s River Center. The Metro Council has agreed to restrict the parish's River Center, which is downtown, from hosting bigger concerts and events to keep it from competing with the new arena.
LSU’s Tiger Athletic Foundation has now asked two unnamed developers to submit proposals for the arena, which is expected to cost between $350 million and $400 million. TAF invited six developers and design teams to campus last year and narrowed down the group, behind closed doors, to two front-runners.
LSU has thus far refused to turn over any documents related to the selection process or to identify the two developers vying for the project.
In denying a public records request from The Advocate | The Times-Picayune, LSU attorneys said those records are “within the custody and control of TAF,” which is a private entity that raises money to support LSU’s athletic programs.
quote:
“It will not have any impact on taxpayers,” Keli Zinn, LSU’s executive deputy athletic director, recently told The Advocate. “It will be financed all through the developer.”
But according to Charles Landry, the lawyer shepherding the deal with TAF, several streams of public money may be needed to make the project work, including new sales taxes that the developer could use to help pay for it.
The Legislature approved a new economic development district surrounding LSU last year that paves the way for potential financing of any new projects there, including the arena. Such districts allow private developers to receive public money, and they allow for new sales taxes of up to 2% within the district. New hospitality taxes or property taxes can also be imposed in the districts.
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Posted on 3/21/24 at 7:51 am to WPBTiger
You knew there would be a snag that details the whole project
It won’t be ready in 5 years
It won’t be ready in 5 years
Posted on 3/21/24 at 7:54 am to WPBTiger
Nola.com just needs to shut the hell up.
This needs to happen.
This needs to happen.
Posted on 3/21/24 at 7:54 am to WPBTiger
Unsurprising that the public may have to foot some of the bill. It's quite common when new arenas are built.
Posted on 3/21/24 at 7:57 am to WPBTiger
Robert Mann is about to be big big mad.
Posted on 3/21/24 at 8:06 am to WPBTiger
quote:
LSU has thus far refused to turn over any documents related to the selection process or to identify the two developers vying for the project.
In denying a public records request from The Advocate | The Times-Picayune, LSU attorneys said those records are “within the custody and control of TAF,” which is a private entity that raises money to support LSU’s athletic programs.
I get it. Private organization, private funds, means they can conduct business as they want as long as it’s legal.
quote:
It will not have any impact on taxpayers,” Keli Zinn, LSU’s executive deputy athletic director, recently told The Advocate. “It will be financed all through the developer.”
But according to Charles Landry, the lawyer shepherding the deal with TAF, several streams of public money may be needed to make the project work, including new sales taxes that the developer could use to help pay for it
Well, if it requires tax dollars to pay for then they need to comply with the FOIA
Posted on 3/21/24 at 8:09 am to WPBTiger
quote:I thought this was known from the beginning?
Deal to replace PMAC arena could require LSU land
Posted on 3/21/24 at 8:14 am to WPBTiger
quote:
economic development district
I don't understand why people keep voting for these. Especially considering that it seems like most of the time these special districts are just political slush funds and the money inevitably ends up misappropriated.
Another aspect is, who's going to own the arena and land when everything is finished?
I wouldn't be surprised if it ends up being the developer who will own previously state owned land and a brand new arena which LSU will pay a fortune to use.
Or the state will "own" the land but pay to use the building.
This post was edited on 3/21/24 at 8:17 am
Posted on 3/21/24 at 8:14 am to WPBTiger
Golf course…GONE
Posted on 3/21/24 at 8:19 am to WPBTiger
What 2% added to sales tax? Like 2 cents each dollar?
Posted on 3/21/24 at 8:19 am to WPBTiger
They should use his opportunity to buy up the ghetto north of campus . Get an arena and improve the area at the same time.
Posted on 3/21/24 at 8:21 am to WPBTiger
Whatever happens, it will be outdated the day it opens.
Posted on 3/21/24 at 8:24 am to WPBTiger
It is quite common and is a good thing. Think Juban. The program allows borrowing for public infrastructure which is constructed as part of the project to support the project. Then future additional retail sales tax (up to 2%) resulting from the project are dedicated to pay off the bonds.
If you don't want to pay the tax that pays for the new interstate exchange at Juban, don't shop a Juban.
If you don't want to pay the tax that will help pay for the arena, don't use the arena. It isn't like they will raise taxes in all of EBR to pay for the project.
If you don't want to pay the tax that pays for the new interstate exchange at Juban, don't shop a Juban.
If you don't want to pay the tax that will help pay for the arena, don't use the arena. It isn't like they will raise taxes in all of EBR to pay for the project.
This post was edited on 3/21/24 at 8:25 am
Posted on 3/21/24 at 8:35 am to WPBTiger
Extent of the LSU Economic Development District
Posted on 3/21/24 at 9:25 am to WPBTiger
Public don’t want to see the details
Posted on 3/21/24 at 10:55 am to WPBTiger
Could the public money just be for the work that would have to be done for utilities added to BR's grid?
Posted on 3/21/24 at 11:09 am to WPBTiger
From what it seems like, the economic district has been made, but no taxes have been decided yet, and they are leaving that discussion open as a possible funding source to supplement the TAF money.
As of now, it still looks like TAF (a private entity that doesn't have to respond to FOIA requests) is still in control of the project. This is probably by design so they don't have to go through all the rigamarole of the public RFP process and accepting the "low bid" as if it were a government contract.
As of now, it still looks like TAF (a private entity that doesn't have to respond to FOIA requests) is still in control of the project. This is probably by design so they don't have to go through all the rigamarole of the public RFP process and accepting the "low bid" as if it were a government contract.
Posted on 3/21/24 at 11:46 am to WPBTiger
Sounds like Mayor Broome needs to conduct some surveys.
Posted on 3/21/24 at 12:17 pm to WPBTiger
Let the district have a new tax. Build out an entertainment district for the golf course on lsu land. This way lsu can retain the rights to the adjacent parcels and have final say on their use. Aka not have section 8 housing everywhere and have legit bars and restaurants
Posted on 3/21/24 at 1:35 pm to WPBTiger
quote:
which is expected to cost $350 million
A real baw made that projection
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