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Message
re: Interesting Lee Zurik tease tweet
Posted on 10/2/19 at 8:19 am to lsupride87
Posted on 10/2/19 at 8:19 am to lsupride87
quote:
This doesn’t seem newsworthy for New Orleans
If it was the piddling, everyday tens or hundred thousand dollars story, it wouldnt be. This is $1M. That's a lot of money to just disappear on "expenses."
Also, the youth athletes being screwed over adds some more drama. Especially early in football season.
0
Posted on 10/2/19 at 8:23 am to Tarps99
quote:
Previous Director who setup the fund went years without a salary and raised nearly 1.5 million dollars and several in kind free contributions.
This is Brian Bordainick, the same guy who blew through all the Dinnner Lab money and sent that six feet under. I was surprised 1/3 of the way through the segment when this Carver racket didn't implicate him somehow.
Forbes: How Dinner Lab Blew Through 10 Million on a Failed Restaurant Startup
Posted on 10/2/19 at 8:27 am to OvertheDwayneBowe
I recall a number of years ago, hearing about that proposed stadium, and thinking that would be great for that area.
I hadn't heard much else about it, and forgot about it.
I don't have access to The Athletic, but looking that slide show thing Fox8 has... looks like they spent close to $700K on the field so far, and $300K on BS management fees.
Does the Athletic indicate how much the total project should cost?
We are in the process of building two new youth baseball fields. The fields will have an all dirt infield, backstop, fencing all the way around including an outfield fence, dugouts, water lines and electrical outlets. The water and electrical is being tapped into from nearby fields.
The cost for that is $202,000. No lights, no stands, no scoreboards, no significant drainage, no concession stands, no locker rooms, etc. Just field and fence and dugouts and some service lines.
I don't see how a brand new nice football stadium with lights can be built for 1 million.
I hadn't heard much else about it, and forgot about it.
I don't have access to The Athletic, but looking that slide show thing Fox8 has... looks like they spent close to $700K on the field so far, and $300K on BS management fees.
Does the Athletic indicate how much the total project should cost?
We are in the process of building two new youth baseball fields. The fields will have an all dirt infield, backstop, fencing all the way around including an outfield fence, dugouts, water lines and electrical outlets. The water and electrical is being tapped into from nearby fields.
The cost for that is $202,000. No lights, no stands, no scoreboards, no significant drainage, no concession stands, no locker rooms, etc. Just field and fence and dugouts and some service lines.
I don't see how a brand new nice football stadium with lights can be built for 1 million.
Posted on 10/2/19 at 8:31 am to LSUFanHouston
quote:
I don't see how a brand new nice football stadium with lights can be built for 1 million.
Because all the turf was donated.
Posted on 10/2/19 at 8:38 am to tgrbaitn08
quote:
Because all the turf was donated.
That profit and loss statement shows $278K expense for "turf install".
Also... it looks like a grass field from the pictures posted.
Posted on 10/2/19 at 8:38 am to tgrbaitn08
quote:
quote:
I don't see how a brand new nice football stadium with lights can be built for 1 million.
Because all the turf was donated.
And the engineering firm worked for free creating the plans and using over 1000 hours.
Posted on 10/2/19 at 8:40 am to LSUFanHouston
quote:
That profit and loss statement shows $278K expense for "turf install".
I said the turf was donated. Not the install
quote:
Also... it looks like a grass field from the pictures posted.
It is a grass field. The turf was never installed.
Posted on 10/2/19 at 8:40 am to Anaximander
quote:
And the engineering firm worked for free creating the plans and using over 1000 hours.
That’s the worse part. That poor guy was in tears last night
Posted on 10/2/19 at 8:42 am to bee Rye
quote:Nakamoto>Zurik
lee is an investigative journalist
Posted on 10/2/19 at 8:43 am to tgrbaitn08
quote:
It is a grass field. The turf was never installed.
So what was the 278K cost for, then?
That seems like a lot just for install cost if the product itself was donated. I wonder where the turf is.
Posted on 10/2/19 at 8:46 am to LSUFanHouston
quote:
So what was the 278K cost for, then?
Not sure. Could be site work or drainage
quote:
I wonder where the turf is.
That’s what I’m wondering. I guess we’ll find out tonight during part 2
Posted on 10/2/19 at 8:46 am to saint tiger225
They are both very good but I’m going to have to go with the furious eyebrows
Posted on 10/2/19 at 8:55 am to tgrbaitn08
quote:
Not sure. Could be site work or drainage
That's what is throwing me off. That same statement has $137K of demolition / site prep expenses.
There's also 70K of engineering services costs... which someone the engineering was donated. The engineering hours were free and they still had 70K of costs? Yikes.
Or, it could be they are running the value of the in-kind contributions through revenue and then listing an expense. If that's the case... then the true cash raised is a lot less than the 983K listed.
And again... those pics... it looks like a well prepared grass base there. I've seen field turf installed... if the space was being prepared for field turf, it would be all dug up and a sand/pebble base would be put down.
Some strange things going on here for sure.
Posted on 10/2/19 at 9:02 am to LSUFanHouston
quote:
And again... those pics... it looks like a well prepared grass base there. I've seen field turf installed... if the space was being prepared for field turf, it would be all dug up and a sand/pebble base would be put down.
Yeah. I don’t know what to tell you.
The piece last night made it clear the turf was donated by the Saints/NFL/Superdome. Which isn’t uncommon. They donate the turf to schools after every season.
Posted on 10/2/19 at 9:36 am to LSUFanHouston
quote:
I don't see how a brand new nice football stadium with lights can be built for 1 million.
It really can't, and that's a big part of the Athletic article. The engineering firm wanted to start small and get something going, and then eventually build out assuming the donations came in. But the "board" didn't want to, and the version they pushed for was something around $3 million, which obviously was never going to happen.
Apparently Shaw did something very similar to the original small plan, and it has worked out great for them
quote:
Ripple’s pain is exacerbated by the success Archbishop Shaw High School has enjoyed at its new stadium on the west bank of the Mississippi River in Marrero. A group of Shaw alumni started an L3C corporation to run the stadium, which was built behind the school on property leased from the Archdiocese of New Orleans and opened in 2018 with two sets of stands, no lights, concession tents and port-o-lets for restrooms. After a successful first year, portable lighting and a scoreboard were added this season, and organizers already have started to rent the stadium to outside clients. All revenues are being directed back into the stadium to fund future phases of the project. The price tag so far, according to organizers: a little more than $1 million.
Posted on 10/2/19 at 10:00 am to LSUrme
quote:
This is Brian Bordainick, the same guy who blew through all the Dinnner Lab money and sent that six feet under. I was surprised 1/3 of the way through the segment when this Carver racket didn't implicate him somehow.
I didn't get a "what an idiot" vibe from the interview on the guy....he took a shot and missed, kudos to him. Hate to be an investor, but that is the inherent risk in venture capital. Obviously 10 M is sticking with it WAY too long, but the investors own some of that as well.
Although if he really thought that a group of local AA community leaders was going to let a white, wonderkid, out of town'r direct them on what/how to spend "their" money....they played along and let him do the heavy lifting, then showed him the door.
Sad though...just business as usual with Orleans parish old guard, but this one hurts more because of all the kids who have been screwed. AND STILL ARE GETTING SCREWED
Posted on 10/2/19 at 10:08 am to DomincDecoco
quote:
I didn't get a "what an idiot" vibe from the interview on the guy....he took a shot and missed, kudos to him. Hate to be an investor, but that is the inherent risk in venture capital. Obviously 10 M is sticking with it WAY too long, but the investors own some of that as well.
Dinner Lab was a great idea, I went to several of their events... but they never focused on making money, which is a problem. They wanted to have great events and a great following, but they never understood that at the end of the day, you actually have to earn a profit.
quote:
but this one hurts more because of all the kids who have been screwed. AND STILL ARE GETTING SCREWED
Little bit of hyperbole here. I went to a catholic high school in New Orleans, played football for a while there, and we had to bus every day to practice and games. Not having a home field isn't the same things as getting "screwed". In fact, for a city school to have a home field is more of an exception, not the rule.
Posted on 10/2/19 at 10:16 am to LSUFanHouston
the entire The Athletic article is a very good read...worth the $2 a month
Posted on 10/2/19 at 10:55 am to LSUFanHouston
quote:
Some strange things going on here for sure.
Y'all are overthinking this. Still more story to come, but if you know New Orleans non-profit history, the line items for "expenses" never tend to line up with reality.
There was never intent for turf install. It likely went to a brother in law contractor who pocketed and distributed the money. Hopefully we'll see in coming weeks. Haven't had a Zurik series this good since the Health care billing one that ended up spurring legislation in US Congress.
Some of Zurik's investigations are overwrought, exaggerated, or a little skewed, but this looks to be one of his more substantive ones
Posted on 10/2/19 at 10:56 am to Anaximander
Fox8 has become globalized skum fake news
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