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Started By
Message
re: New LSU arena depends on Baton Rouge, state giving up some sales tax money
Posted on 7/25/25 at 9:55 pm to Major Dutch Schaefer
Posted on 7/25/25 at 9:55 pm to Major Dutch Schaefer
People need to understand the differences in the Texas deal and our deal.
Texas 350 million, LSU estimated at 400 m
Texas charity foundation put up 1/3, the developer 2/3s
LSU OLOL buying naming rights, but for how much? The developer is counting on LSU, or local and state government to fund a share. How much?
Austin, Texas metro has about 2.5 million people and has a big music draw.
Baton Riuge metro has almost 900,000 people and doesn’t have a big music draw.
Initially the LSU people misrepresented the situation and told us no taxes would go to the arena. Only private money. I never believed that was feasible knowing that a private developer could not invest 400 million dollars, lose a lot of good dates and do this deal. It never made budiness sense.
Without tax money ot a white knight donating a huge sum, there will be no arena.
Texas 350 million, LSU estimated at 400 m
Texas charity foundation put up 1/3, the developer 2/3s
LSU OLOL buying naming rights, but for how much? The developer is counting on LSU, or local and state government to fund a share. How much?
Austin, Texas metro has about 2.5 million people and has a big music draw.
Baton Riuge metro has almost 900,000 people and doesn’t have a big music draw.
Initially the LSU people misrepresented the situation and told us no taxes would go to the arena. Only private money. I never believed that was feasible knowing that a private developer could not invest 400 million dollars, lose a lot of good dates and do this deal. It never made budiness sense.
Without tax money ot a white knight donating a huge sum, there will be no arena.
This post was edited on 7/25/25 at 10:18 pm
1
Posted on 7/25/25 at 10:17 pm to doubleb
quote:
LSU OLOL buying naming rights, but for how much
Reporting says $50M
Posted on 7/25/25 at 10:22 pm to Mickey Goldmill
quote:
Reporting says $50M
Moody Foundation put up 130 million.
It will take more than 130 million to make the BR work. The project is more expensive and I doubt the developer is forecasting the larger revenues that Moody would certainly draw.
Posted on 7/25/25 at 11:04 pm to doubleb
I’m aware. Just answering your question.
Posted on 7/25/25 at 11:11 pm to Mickey Goldmill
I don’t understand why people are so hell bent on not wanting this to work if there is an incremental tax increase. Wouldn’t folks on here want their taxes to finally go to something they’ll actually benefit from?
Posted on 7/25/25 at 11:12 pm to Major Dutch Schaefer
They just need to tear down the old turd pool north of campus and build it there. Then give the developers carte blanche to connect campus with downtown.
This post was edited on 7/25/25 at 11:13 pm
Posted on 7/25/25 at 11:13 pm to Mickey Goldmill
quote:m
I’m aware. Just answering your question.
Making sure people understand the financial situation.
A developer isn’t going to put up money and put it at risk unless they see that they can turn a big profit.
Posted on 7/25/25 at 11:14 pm to LSUbasketballfan
quote:
Having some of the sales tax revenue from the businesses that will basically only be there because of the new arena is what they are talking about. Despite the headline from nola.com, this type thing is very common.
If it was new business sure.
Thus is one building replacing another.
Maybe if they can show additional sales tax revenue over what the PMAC brings in, they can have that
Posted on 7/25/25 at 11:18 pm to doubleb
quote:
A developer isn’t going to put up money and put it at risk unless they see that they can turn a big profit.
Yup
But why did they tell us no public money would be needed.
They were just full of crap.
If public money will be used, this needs to be a public bid process.
Posted on 7/25/25 at 11:55 pm to LSUFanHouston
quote:
But why did they tell us no public money would be needed. They were just full of crap.
They over promised from day one.
It’s obvious that without a huge donation, there has to be public money involved.
Posted on 7/26/25 at 12:16 am to doubleb
Not no, but hell no. A no-bid process asking for tax revenue to cover them and doing so with an organization that was already guilty of bid-rigging on a similar project.
Beautiful job Woody. What a pathetic development and all while they are begging for more money to pay a hunch of entitled athletes.
Beautiful job Woody. What a pathetic development and all while they are begging for more money to pay a hunch of entitled athletes.
Posted on 7/26/25 at 12:23 am to Geauxgurt
LSU needs a new arena and you’re scoffing at the one way LSU could ever come up with a new arena?
The reality is that LSU should have built a new arena when Auburn and Ole Miss did, pre-COVID construction costs. Alabama may never build their new arena because costs went up 40% post COVID for them.
The reality is that LSU should have built a new arena when Auburn and Ole Miss did, pre-COVID construction costs. Alabama may never build their new arena because costs went up 40% post COVID for them.
Posted on 7/26/25 at 1:58 am to Major Dutch Schaefer
It’s a scam
Posted on 7/26/25 at 2:50 am to tigerbait2010
quote:
look at any major city with a professional team. The taxpayers normally foot the bill and you’re talking about projects that cost 5-10x more than this arena ?
BR isn't a major city, but if the reputation around here with politicians and contractors wasn't what it is, I wouldn't have such a problem with it.
My stance on new taxes, tax breaks or rebates has always been how much I trust that it's actually going to go to where it should.
Posted on 7/26/25 at 7:18 am to Major Dutch Schaefer
The PMAC is fine. Tear out 2,000 seats and build a few suites. Save $200 mil. Money must be in short supply if they have to resort to sales tax to make the project a go.
Posted on 7/26/25 at 7:20 am to LSUbasketballfan
Yea this is extremely common even for projects worth way less to get a cut of sales tax for a number of years.
The Nancy boys crying about it will be the first to complain when nothing nice and new is in their area.
The Nancy boys crying about it will be the first to complain when nothing nice and new is in their area.
Posted on 7/26/25 at 7:49 am to Major Dutch Schaefer
This is a typical deal for a project that is considered an “attraction.” Same deal is done for Bass Pro in DS and Juban shopping center. It’s a TIF where a portion of the sales tax collected in the new venue pays for the venue. The local government comes out ahead because without the attraction the sales tax collected is ZERO. A portion of a big number is way more than 100% of zero.
Posted on 7/26/25 at 8:47 am to jmaclsu
quote:
The local government comes out ahead because without the attraction the sales tax collected is ZERO.
No it doesnt. This arena is to replace the pmac and river center arena. What about the sales tax collected at those venues that will be no more?
Posted on 7/26/25 at 9:08 am to tigbob
quote:
It would be a great venue for both LSU and the City. LA politics as usual.
We have the River Center and the PMac. This would be nice to have but not actually needed.
Posted on 7/26/25 at 9:12 am to LSUSkip
quote:
Thats where it starts, then it'll become a larger area, although I'm hoping that the new LSU zip code that's being created has something to do with this.
The LSU taxing district has already been formed.
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