Mardi Gras at Cajun Field

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Originally Posted by LouisianaB

It’s not outsourcing if you never even sourced it in the first place.

You can’t tell me what the fair charges (which would be revenue, not profit), so you can’t tell me what FMV is. Understood. To simply say “what the fair charges” ignores all expenses.

For the longest time this board has complained about the MG association screwing the university. The original thought was UL was getting paid 10-15k, which is true but ignores the 5 percent. I get curious, get the contracts, and throw out legit numbers. And all I hear is “we are getting screwed” (paraphrasing, probably). Yet nobody can tell me what they think FMV is.

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You threw out legit numbers, and I used them.

Not sure why you are now requesting an audit.

ps New companies with few employees outsource all the time. I just think UL is underutilizing it's workforce.

Okay, so again, no actual number. $35k is too low for y’all but y’all can’t tell me what it should be.

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Originally Posted by Turbine

You threw out legit numbers, and I used them.

Not sure why you are now requesting an audit.

ps New companies with few employees outsource all the time. I just think UL is underutilizing it's workforce.

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It’s a university with an athletic department. Am I missing a festival department?

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Originally Posted by LouisianaB

It’s a university with an athletic department. Am I missing a festival department?

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I'm not so sure you need a festival department to accomplish this but, perhaps Hospitality management can benefit from acting like they are one during that portion of the curriculum.

However, besides the athletic department parking needing the year-round practice, I have a Q, is Athletics getting the money for peripheral rentals? (I've already forgoten)

you showed revenues of the Mardi Gras Association, were there expenses listed as well? if UL is taking a percentage strictly off revenue (before expenses) then that 35,000 number may not look as bad as it does against a net number. (I may have just missed expenses and this post may not mean anything)

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Originally Posted by GeauxCajuns

you showed revenues of the Mardi Gras Association, were there expenses listed as well? if UL is taking a percentage strictly off revenue (before expenses) then that 35,000 number may not look as bad as it does against a net number. (I may have just missed expenses and this post may not mean anything)

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The number is rent plus 5 percent revenue of parking and RV spots

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Originally Posted by LouisianaB

The number is rent plus 5 percent revenue of parking and RV spots

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Minus several line items of operations expenses and deprecation and Maintenance. Not including benefits of advertisement and revenue produced after the fact.

We don’t have the requisite information at our disposal to nail down an exact number. But just using the numbers you provided, based on comparison (someone used Evangeline Downs property - which btw, really isn’t a comp property), the money does not make sense.

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Originally Posted by LouisianaB

Okay, so again, no actual number. $35k is too low for y’all but y’all can’t tell me what it should be.

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$35k per day.

FMV is not really the point here. If you have a monopoly on something, you hold all of the cards. You set the price. There is no negotiation.

Comparison: The City of Lafayette pays $500G a year just to control use of the Cajundome.

How many actual days they use it? I do not know.

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Originally Posted by cajun4life

$35k per day.

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Hahaha yea?

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Originally Posted by Turbine

Comparison: The City of Lafayette pays $500G a year just to control use of the Cajundome.

How many actual days they use it? I do not know.

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You do realize CD is a multimillion dollar, multipurpose venue with millions invested into making it a decent venue. And then theres a parking lot.

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Originally Posted by ManAboutTown

FMV is not really the point here. If you have a monopoly on something, you hold all of the cards. You set the price. There is no negotiation.

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I believe I posted earlier, market value is the maximum you can charge without Mardi Gras being moved or cancelled.

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Originally Posted by LouisianaB

You do realize CD is a multimillion dollar, multipurpose venue with millions invested into making it a decent venue. And then theres a parking lot.

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Pure profit

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Originally Posted by LouisianaB

Hahaha yea?

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Go to another similar sized city and try to rent the same space and see what it cost.

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Originally Posted by cajun4life

Go to another similar sized city and try to rent the same space and see what it cost.

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Not $35k a day

"Worth" is what Mardi Gras Association charges.

Since they need to make money, half of what UL would max out at on a season of tailgating and RV slots. (if fully occupied) 5 days vs 5 days give or take.

Mardi Gras Association is making money off the deal, tailgaters are not.