Liberty Bowl redo - $220M

The Liberty Bowl is home to the Memphis Tigers. It is undergoing a $220M redo and below is how it is being financed. Can Lafayette take a cue from Memphis in support of UL's stadium redo?

LIBERTY BOWL
$121.5 million from State Allocation
$30.9 million from an existing city 0.5% hotel/motel tax
$30.9 million from the city's new city 1% hotel/motel tax
$27.3 million from an existing city/MLGW PILOT
$4.4 million from a 5% stadium TDZ surcharge

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Originally Posted by HoustonCajun

The Liberty Bowl is home to the Memphis Tigers. It is undergoing a $220M redo and below is how it is being financed. Can Lafayette take a cue from Memphis in support of UL's stadium redo?

LIBERTY BOWL
$121.5 million from State Allocation
$30.9 million from an existing city 0.5% hotel/motel tax
$30.9 million from the city's new city 1% hotel/motel tax
$27.3 million from an existing city/MLGW PILOT
$4.4 million from a 5% stadium TDZ surcharge

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Doesnt the city of Memphis own the Liberty Bowl? I know its not on campus

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Originally Posted by CajunJack55

Doesnt the city of Memphis own the Liberty Bowl? I know its not on campus

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Good point.

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Originally Posted by CajunJack55

Doesn't the city of Memphis own the Liberty Bowl? I know its not on campus

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I don't know, but you may be right. Even so, UL's financial impact on the city of Lafayette and Acadiana is huge and an investment by the city would not only help UL but put tax dollars in the city coffers as game day events draw greater crowds. Not to mention what kind of financial impact an entertainment zone could have if it can be developed around the Cajun Field area.

Now this is how you do it. Even from outside the structure you're given a blueprint to the confidence in the program's future.

Attachment 18293

Memphis Stadium planned improvements

I have a feeling Tennessee's state government finances are in a tad better shape than Louisiana's.

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Originally Posted by HoustonCajun

I don't know, but you may be right. Even so, UL's financial impact on the city of Lafayette and Acadiana is huge and an investment by the city would not only help UL but put tax dollars in the city coffers as game day events draw greater crowds. Not to mention what kind of financial impact an entertainment zone could have if it can be developed around the Cajun Field area.

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I would love the city to get involved financially. There was a tax discussed a few years back (similar to the airport tax) but I don't know if the walmart voters would pass it if it was on a ballot.

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Originally Posted by Cajunrunner

I have a feeling Tennessee's state government finances are in a tad better shape than Louisiana's.

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And no state income tax!

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Originally Posted by fanof71

And no state income tax!

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Nevermind, then. I take back my poor assumption.

There is NO WAY a no income tax state could have better finances than those with income taxes. Impossible.

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Originally Posted by Cajunrunner

Nevermind, then. I take back my poor assumption.

There is NO WAY a no income tax state could have better finances than those with income taxes. Impossible.

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Hilarious

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Originally Posted by Cajunrunner

Nevermind, then. I take back my poor assumption.

There is NO WAY a no income tax state could have better finances than those with income taxes. Impossible.

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Exactly, Tennessee, Texas and Florida are all on the brink of financial ruin because of their pro business stance and their foolish decision to forego state income taxes. Thank goodness our wise leaders here in Louisiana have never made either of those terrible mistakes.

eye roll

Check their property taxes.

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Originally Posted by HoustonCajun

I don't know, but you may be right. Even so, UL's financial impact on the city of Lafayette and Acadiana is huge and an investment by the city would not only help UL but put tax dollars in the city coffers as game day events draw greater crowds. Not to mention what kind of financial impact an entertainment zone could have if it can be developed around the Cajun Field area.

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Parochial politics would never allow this.

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Originally Posted by VObserver

Exactly, Tennessee, Texas and Florida are all on the brink of financial ruin because of their pro business stance and their foolish decision to forego state income taxes. Thank goodness our wise leaders here in Louisiana have never made either of those terrible mistakes.

eye roll

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Now, now, Charlie. You know our faithful public servants work day and night to earn your trust!

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Originally Posted by AirBill

Check their property taxes.

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While the property tax goes to the district they are in, thus, making their schools and roads better in the community. LA is the one that needs to get with the time but it wont ever happen.

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Originally Posted by HoustonCajun

The Liberty Bowl is home to the Memphis Tigers. It is undergoing a $220M redo and below is how it is being financed. Can Lafayette take a cue from Memphis in support of UL's stadium redo?

LIBERTY BOWL
$121.5 million from State Allocation
$30.9 million from an existing city 0.5% hotel/motel tax
$30.9 million from the city's new city 1% hotel/motel tax
$27.3 million from an existing city/MLGW PILOT
$4.4 million from a 5% stadium TDZ surcharge

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My cousin is a big Memphis fan, he told me about this. There is also major bucks for other althetics facilities... but to be honest, the Liberty Bowl has needed it, bad. Lovely architecture, but it's falling apart.

Memphis is also building an Engineering School. They are up & comers; much like us, they have been the #2 school in a one-school state. But they persevered.

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Originally Posted by CajunFun

My cousin is a big Memphis fan, he told me about this. There is also major bucks for other althetics facilities... but to be honest, the Liberty Bowl has needed it, bad. Lovely architecture, but it's falling apart.

Memphis is also building an Engineering School. They are up & comers; much like us, they have been the #2 school in a one-school state. But they persevered.

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Doesn't hurt that they share the city with three fortune 500 companies (FedEx one of them).

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Originally Posted by CajunFun

My cousin is a big Memphis fan, he told me about this. There is also major bucks for other althetics facilities... but to be honest, the Liberty Bowl has needed it, bad. Lovely architecture, but it's falling apart.

Memphis is also building an Engineering School. They are up & comers; much like us, they have been the #2 school in a one-school state. But they persevered.

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Also the Tennessee medical school is in Memphis. Made that trip a few times.

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Originally Posted by HoustonCajun

I don't know, but you may be right. Even so, UL's financial impact on the city of Lafayette and Acadiana is huge and an investment by the city would not only help UL but put tax dollars in the city coffers as game day events draw greater crowds. Not to mention what kind of financial impact an entertainment zone could have if it can be developed around the Cajun Field area.

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The surrounding neighborhoods across congress will fight tooth and nail for the property not to be developed into an entertainment area.

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Originally Posted by lafman1

The surrounding neighborhoods across congress will fight tooth and nail for the property not to be developed into an entertainment area.

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The city councilman from that area is fighting against AB&Bs, don’t see him being open to this near his home.

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Originally Posted by ZoomZoom

The city councilman from that area is fighting against AB&Bs, don’t see him being open to this near his home.

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They fought and won recently when a convenience store/tobacco shop with fuel pumps was to be converted at the bank at four corners.

Another Tax would never pass in Lafayette in these times!

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Originally Posted by Cajunrunner

Nevermind, then. I take back my poor assumption.

There is NO WAY a no income tax state could have better finances than those with income taxes. Impossible.

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I mean think of the rural schools!

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Originally Posted by CharlieK

I mean think of the rural schools!

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I went to school at two rural schools, one in Yoakum County, the other in Chambers County. Both were ISD's and neither was short of funding to achieve their goals. I started school at Klondike, TX, another ISD. Though it was nowhere close to the other two financially, considering that the total K-12 enrollment is around 200 the school was well financed.

I acknowledge that not all rural districts are rich, but many are better off financially than one would think.

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Originally Posted by VObserver

I went to school at two rural schools, one in Yoakum County, the other in Chambers County. Both were ISD's and neither was short of funding to achieve their goals. I started school at Klondike, TX, another ISD. Though it was nowhere close to the other two financially, considering that the total K-12 enrollment is around 200 the school was well financed.

I acknowledge that not all rural districts are rich, but many are better off financially than one would think.

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We shouldn’t compare 1900-1930 Louisiana rural schools districts to 2020 forward. It’s just a different world, and we don’t need the state being the arbiter of the individual districts taxes.