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John Bel Edwards trying a different tactic to find money for the Superdome renovations | Legislature – New Orleans, Louisiana

New Orleans, Louisiana 2021-11-25 05:00:00 –

After the legislators did not follow the original plan to find funding to complete the $ 450 million refurbishment of the Superdome, the Edwards administration went to Plan B and urged lawmakers to use some of the pandemic recovery funds. I asked for it.

However, the backtracking is at stake, as the remaining two-phase contracts for the half-completed project must be signed within five weeks, which can’t happen unless the funds are in the bank, the Commission said. Jay Dardenne said on Wednesday. Completion of the Caesars Superdome refurbishment is an important part of maintaining the Saints of New Orleans until 2055 and is also the city hosting the Super Bowl LIX in 2025.

“We need to complete this transaction by the end of the year,” said Dardenne. “We are working hard on this and are sure to come up with a solution.”

Louisiana legislators were fed up with giving New Orleans state money, but basically made complex financial arrangements that allowed future payments of state loans to Louisiana stadiums and exposition districts. I wasn’t keen on the first plan to use, running the facility, but spending that money on construction instead. That way, the state doesn’t have to immerse itself in other funds.

With the fall of the first dominoes at Baton Rouge later this week, the Saints football team could be in New Orleans for the next 30 years …

“It was very clear that it wasn’t the way they wanted to go,” Dardenne told The Advocate. Times Pikayun.

So when people set out for Thanksgiving holidays, Dardenne asked the Budget Committee to commit $ 26.8 million from federal funding received by the state to help the economy recover from the necessary closures. Dardenne said he had submitted the so-called BA-7 for the Joint Legislative Committee, according to the COVID-19 pandemic.

If the legislator refuses again, he said the district would have to quickly find another loan to cover that amount, which would add to the already deep debt of the facility.

The Louisiana Stadium and Expo District, or LSED, had to cancel the event and use the available funds for maintenance and security while the Superdome was closed, Dardenne said. ..

“LSED was crushed,” said Dardenne. “They were basically closed, which led to huge loss of income.”

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Depending on the events hosted and the income from the hotel / motel tax, the money from the hotel / motel tax was reduced by 72% and all the events scheduled for COVID were canceled, so the self-income was It decreased by 90%.

Congress passed the $ 1.9 trillion US Rescue Planning Act of 2021 in March. The law provides $ 350 billion to help state, county, city and tribal governments cover increased spending, replenish lost income and mitigate the economic damage caused by the COVID-19 pandemic. While these definitions apply to the Stadium District, approving the use of these dollars for the Superdome will cost money from other public authorities that may need assistance.

Louisiana legislative leaders opposed a $ 63 million debt forgiveness plan for Governor John Bell’s Superdome Oversight Committee on Thursday …

The Joint Legislative Committee on Budget has the authority to allocate pandemic funds when Congress is not open.

“LSED can use that money to fund construction to advance Phases 3 and 4 and refinance its current debt,” said Dardenne. “It allows LSED to proceed with the contract.”

The State Bonds Commission must approve before the Joint Budget Commission approves.

The Bonds Committee is scheduled to meet on 16 December, and the Joint Legislative Committee on Budget is scheduled for 17 December the following day.

The state and saints are in talks to continue leasing the team with Superdome, which expires in 2025. The conditions being discussed will keep the New Orleans saints for another 10 years, followed by two renewals for the next 10 years. The NFL prohibits teams from moving if it means canceling the lease.

However, the lease presupposes that the state government promises to complete the $ 450 million modernization of the 50-year-old facility to NFL standards before the 2025 Super Bowl. Its construction is half complete. More luxury suites, new entrance lobbies, further concession upgrades, and other improvements need to be completed.

In August 2019, Louisiana agreed to refurbish the Superdome at a cost of $ 450 million. The state donated $ 90 million, LSED donated $ 210 million, and the saints for the first time donated $ 150 million for improvement.



John Bel Edwards trying a different tactic to find money for the Superdome renovations | Legislature Source link John Bel Edwards trying a different tactic to find money for the Superdome renovations | Legislature

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