Mardi Gras at Cajun Field

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Originally Posted by ManAboutTown

~$0.13 per sq ft rental is not FMV. That I can tell you.

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Again, what is the FMV?

Also, I do believe all electricity is the associations responsibility

Typically, comparison shopping would be the very first step in determining that. In this case, FMV is an ambiguous indicator. There is only one other comparable venue, and really, the similarities are few. Moncus Park has no parking - CF has ample parking. Moncus Park has no RV hookups (that I know of) - CF has plenty. Moncus Park has limited entertainment (music) capabilities - CF can accommodate anything. Moncus Park has limited entry/exit points - CF has many more.

There is no other venue like CF. Therefore, you have scarcity of product in your favor. You can literally set the price. The University has all the cards.

I still think it would be interesting to ask the event planners at Moncus Park what it would cost to rent out the property (same area discussed at CF) for the week. I can guarantee it would not be close to what CF is charging.

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Originally Posted by ManAboutTown

Typically, comparison shopping would be the very first step in determining that. In this case, FMV is an ambiguous indicator. There is only one other comparable venue, and really, the similarities are few. Moncus Park has no parking - CF has ample parking. Moncus Park has no RV hookups (that I know of) - CF has plenty. Moncus Park has limited entertainment (music) capabilities - CF can accommodate anything. Moncus Park has limited entry/exit points - CF has many more.

There is no other venue like CF. Therefore, you have scarcity of product in your favor. You can literally set the price. The University has all the cards.

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One game I used to play with broadcast rates was to call other stations, 5 markets larger and 5 markets small to get a grip on if what we were asking was in line...Same applies here, I think looking outside the market, to LC, BR, Beaumont, Miss Gulf Coast for similar events in similar settings. Maybe South Alabama...Maybe App State, see what they charge Luke Combs and Darious Rucker for the use of the Rock...got to get a handle on apples to apples...

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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.