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Message
New Orleans council approves payday loan for cash strapped city
Posted on 5/7/26 at 1:47 pm
Posted on 5/7/26 at 1:47 pm
LINK
quote:
Mayor Helena Moreno’s administration can close on a $100 million deal to boost the city’s depleted reserves after the City Council approved the arrangement on Thursday.
The deal would see the city sell its rights to nine years of lease payments from the Caesar’s Casino and Hotel, and in exchange, receive $103 million this year from a private equity firm, TPG.
Council members approved the deal on the condition that the city uses the funds exclusively for emergency reserves, and that the Moreno administration report regularly on the status of the fund. The conditions came after good government nonprofit BGR suggested them, in a bid for more transparency around city spending.
Council members and City Hall officials celebrated the deal on Thursday, which is expected to close within the coming days.
13
Posted on 5/7/26 at 1:49 pm to Major Dutch Schaefer
Her nudes are out there
Posted on 5/7/26 at 1:59 pm to LOL
No way.
Posted on 5/7/26 at 1:59 pm to LOL
Teddy’s are too.
Posted on 5/7/26 at 2:03 pm to Major Dutch Schaefer
Idk, nor do I pretend to know, anything about NO's finances, but this seems like kicking the can down the road.
Posted on 5/7/26 at 2:10 pm to LOL
quote:The cameraman taking them was like “More, more ano!”
Her nudes are out there
Posted on 5/7/26 at 2:14 pm to This GUN for HIRE
quote:
but this seems like kicking the can down the road
Because it is. NO is like a crackhead who won the lottery…. they are the exception to the rule and should take the annuity payments instead of the lump sum.
Posted on 5/7/26 at 2:23 pm to Major Dutch Schaefer
So $100 million today instead of $212 million over the standard term.
Posted on 5/7/26 at 2:30 pm to Major Dutch Schaefer
New Orleans is a complete clown show.
Sure they got $100mil but they had to take an 8.25% discount on those rent payments, which is the equivalent to junk bond status.
Even worse, when the lease term us up, Caesar's has NoLA over a barrel. They will offer the same deal again and rest assured, NoLA will still be broke and have no choice but to take it.
So effectively, the city of New Orleans cut one of its most valuable lease agreements in half w/ the stroke of a pen.
Absolte tards.
Sure they got $100mil but they had to take an 8.25% discount on those rent payments, which is the equivalent to junk bond status.
Even worse, when the lease term us up, Caesar's has NoLA over a barrel. They will offer the same deal again and rest assured, NoLA will still be broke and have no choice but to take it.
So effectively, the city of New Orleans cut one of its most valuable lease agreements in half w/ the stroke of a pen.
Absolte tards.
Posted on 5/7/26 at 2:40 pm to Major Dutch Schaefer
Free trips for errebody!
Posted on 5/7/26 at 2:41 pm to RunninReb
My understanding is that they needed this cash to bolster the reserves because they could not get bonds (loans).
Posted on 5/7/26 at 2:44 pm to Major Dutch Schaefer
quote:
Council members approved the deal on the condition that the city uses the funds exclusively for emergency reserves, and that the Moreno administration report regularly on the status of the fund.
Sure sure
Posted on 5/7/26 at 3:07 pm to mikie421
quote:
My understanding is that they needed this cash to bolster the reserves because they could not get bonds (loans).
The bonds would have likely raised taxes and been at a marginally better rate.
Posted on 5/7/26 at 3:53 pm to BPTiger
quote:If they are passing on $212 mil over 9 years for the $103 mil lump some today, its not as bad as it looks. Its a time value of money thing. With a 10% hurdle rate, $212 mil over 9 years is break even to $136mil today. So yea, the $212mm over 9 years is better, but they aren't cutting the value in half like it looks on paper
So $100 million today instead of $212 million over the standard term.
Posted on 5/7/26 at 3:56 pm to This GUN for HIRE
I know several folks in her admin and know their finance and accounting chops. This isn't Destroya's team of DEI misfits so I'll wait and see what policies accompany this decision as part of the overall strategy to get the city's books in order.
This post was edited on 5/7/26 at 4:01 pm
Posted on 5/7/26 at 3:58 pm to RunninReb
quote:
ven worse, when the lease term us up, Caesar's has NoLA over a barrel. They will offer the same deal again and rest assured, NoLA will still be broke and have no choice but to take it.
this deal isn't with Caesar's, that lease is runs until 2058
Posted on 5/7/26 at 4:00 pm to Major Dutch Schaefer
quote:
Helena Moreno
She hasn’t had any beach or bikini photos surface has she? Asking for a friend
Posted on 5/7/26 at 4:14 pm to Major Dutch Schaefer
The city has $34 million in the bank account. They could not go into hurricane season with that low of an amount. On the surface this looks like a payday loan, but it’s making the best of a shitty situation this administration inherited. The administration has taken steps to reduce spending, including department consolidation, furloughs for most city employees, and 45% reduction in overtime costs.
Posted on 5/7/26 at 4:27 pm to Major Dutch Schaefer
What is the discount/factor rate? If it is lower than floating bonds, it is a good deal.
Posted on 5/7/26 at 4:30 pm to RanchoLaPuerto
From what AI tells me, that is an implied discount rate of 7.28 percent.
That isn't awful.
Also, I am guessing that the City does not take the risk of nonpayment by Caesars.
Not a terrible deal.
That isn't awful.
Also, I am guessing that the City does not take the risk of nonpayment by Caesars.
Not a terrible deal.
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