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Our Views: Bond Commission needs to cross the goal line on Superdome deal | Our Views – New Orleans, Louisiana

New Orleans, Louisiana 2021-10-24 05:00:00 –

Through a recent public succession program, Gale Benson has revealed that he wants to call Louisiana his hometown long after New Orleans Saints died.

The question here is whether the state that owns the iconic building where the team plays home games will do what it takes to keep the saints until at least 2055.

The problem is highlighted by a group of state-wide elected civil servants, legislative leaders, and governor appointees who must approve the issuance of debt for political subdivisions such as the Louisiana stadium and exposition districts. Thanks to the State Bond Commission.

The long story is relatively short: Governor John Bel Edwards and his allies have a complex financial arrangement to complete the refurbishment at Caesars Superdome, which will ow the state LSED debt by the end of the year. He says he has a forgiveness committee. As a result, LSED has invested $ 63 million in Phases 3 and 4 of the reconstruction, starting work in early 2022 and upgrading $ 450 million before New Orleans hosts the 2025 Super Bowl. Can be completed. And it now places the team to sign a new lease. It is an extension and will keep the saints for another 30 years.

Edwards’ executive Jay Dardenne said at Monday’s monthly bond committee that Benson would put billions of dollars in trust from the sale of her posthumous team to benefit Louisiana citizens. He said he had an intention. ..

“It all assumes that this process will continue,” said Dardenne.

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Still, some committee members have not yet boarded. They complain about the state’s financial relationship with LSED and instead suggest that they can raise money from other sources such as the state’s surplus and capital spending. Dardenne argued Thursday that waiting for Congress to act during the spring session would be past the 2025 deadline.

They also cite tired and narrow reservations about supporting major New Orleans projects, as if the team’s presence and the economic activity generated by the dome-shaped stadium would not benefit Louisiana as a whole. I am.

During the meeting, Republican Lafayette Stuart Bishop’s state legislator suggested that residents prefer roads and water to luxurious suites. Senator Page Cortez, who is also R-Lafayette, said he wanted a deal, but expressed concern about debt forgiveness.

Dardenne quickly responded to such concerns. He said the bond committee could now act and start work, and Congress could exchange funds in the spring. But he said he didn’t know why lawmakers wanted it, as the state legislature could instead put the money into their district under the governor’s plan.

One of Thursday’s positive notes was that Republican Treasury Secretary John Schroder reiterated the urgency of the Democratic Governor, even though he said “debt commuting” funding was not his first choice. bottom. It suggests that the whole problem will not collapse in line with the party’s policies that are happening too often in the Commission these days.

“It’s time to make a decision,” said Schroeder, chair of the fixed income committee. The dome manager said, “We need to be able to make plans. We need to give them an answer.”

“We should support the economic engine that drives money into this state,” he said.

He is right There is so much going on that we urge members of the committee to quit vaguely and complete the transaction.



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