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Thread: Cajun Field Renovation Plans

  1. #106

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by CajunVic View Post
    Can you post a link?
    https://www.lla.la.gov/PublicReports...E/000179B3.pdf

  2. #107

    Default Re: Cajun Field Renovation Plans

    If im reading this right We will end up paying 20 mill in intrest ... We are trying to pay for a Bugatti on a McDonalds salary


  3. #108

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by cajun_lannister View Post
    If im reading this right We will end up paying 20 mill in intrest ...

    52 ___KING MILLION .... all that while the sport that drives the bus is in a stadium that can't even meet code
    Wrong. Bonds on the baseball stadium project will cost us about $3 million in interest.

    The real waste is paying off debt and interest because we did the SEZ project.

  4. #109

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by cajun_lannister View Post
    If im reading this right We will end up paying 20 mill in intrest ...

    52 ___KING MILLION FOR A DAM BASEBALL STADIUM .... all that while the sport that drives the bus is in a stadium that can't even meet code
    You are not reading correctly.....

    The bonds were not for baseball. A 10m loan was taken out from MidSouth bank. Scheduled interest is 2.7m. However at the time of the report they were trying to extend the loan so interest will obviously go up.

  5. #110

    Default Re: Cajun Field Renovation Plans

    Interest is almost double???

    CHUUUU


  6. #111

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by GeauxLouisiana View Post
    Wrong. Bonds on the baseball stadium project will cost us about $3 million in interest.
    Correct had to think about it .....the $23,605,000 is prolly for the APC, T&F and SEZ

  7. #112

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by Cajun90 View Post
    You are not reading correctly.....

    The bonds were not for baseball. A 10m loan was taken out from MidSouth bank. Scheduled interest is 2.7m. However at the time of the report they were trying to extend the loan so interest will obviously go up.
    They ended up issuing bonds for 20 years through Ragin Cajun Facilities, Inc. to pay off Midsouth Bank loan.

  8. #113

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by GeauxLouisiana View Post
    Wrong. Bonds on the baseball stadium project will cost us about $3 million in interest.

    The real waste is paying off debt and interest because we did the SEZ project.
    Bingo!

  9. Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by CajunT View Post
    Bingo!
    Sounds like the south end zone renovation might have been a brain fart. With the stadium in the condition it was in, a whole stadium renovation should have been the path taken. Now we are saddled with debt for a stadium project that really did not move the needle?

  10. #115

    Default

    Quote Originally Posted by CajunVic View Post
    Sounds like the south end zone renovation might have been a brain fart. With the stadium in the condition it was in, a whole stadium renovation should have been the path taken. Now we are saddled with debt for a stadium project that really did not move the needle?
    The concourse was much needed, that many new seats were not

  11. Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by GeauxLouisiana View Post
    Wrong. Bonds on the baseball stadium project will cost us about $3 million in interest.

    The real waste is paying off debt and interest because we did the SEZ project.
    You are right the South End Zone Project was premature as evidenced by it not even being the biggest piece of news the following season.

    The biggest news was that they were opening up the student Red Zone to season ticket sales. That move totally undid any buzz the SEZ seating project might have generated.

  12. #117

    Default Re: Cajun Field Renovation Plans

    SEZ was one of the least expensive improvements that could be done to CF. Everyone got something.

    I’m not a financial guru, but with the level of indebtedness we have, the number of actual “investors” we have, the balance between raising fees/levels/pricing and on court/field performance, and time frame, what is a realistic plan and date for CF being addressed is the 64 dollar question.

    Renderings were done in the 80’s for the SEZ. Don’t need another 30 year wait.


  13. #118

    Default Re: Cajun Field Renovation Plans

    Quote Originally Posted by Professor View Post
    That is not my opinion just what I was told and like I said it could be wrong

    I do think we shouldn't have put rcaf money or whatever towards a baseball stadium before the football stadium was renovated. That was a bad decision
    Again, there was no RCAF money. It was donations and a loan for the remaining amount. I don't know where we are currently with the suites revenue, but initially they were all rented with five year commitments which should have brought in about $5M over that time frame (if my memory is working correctly).

  14. #119

    Default

    Quote Originally Posted by ZoomZoom View Post
    SEZ was one of the least expensive improvements that could be done to CF. Everyone got something.

    I’m not a financial guru, but with the level of indebtedness we have, the number of actual “investors” we have, the balance between raising fees/levels/pricing and on court/field performance, and time frame, what is a realistic plan and date for CF being addressed is the 64 dollar question.

    Renderings were done in the 80’s for the SEZ. Don’t need another 30 year wait.
    Everyone got something? What exactly did we get again? A bunch of seats that we didn’t need, a bell tower that is so low nobody can hear the bell ring, and millions in debt to pay off for a structure that doesn’t generate revenue.

    Contrast that to what Tech did. For just a few mil. more than what we spent on that end zone project, La Tech built a brand new press box with 13 suites that will generate millions of dollars of revenue for them over the coming years.

  15. #120

    Default

    Quote Originally Posted by CajunRebel View Post
    Everyone got something? What exactly did we get again? A bunch of seats that we didn’t need, a bell tower that is so low nobody can hear the bell ring, and millions in debt to pay off for a structure that doesn’t generate revenue.

    Contrast that to what Tech did. For just a few mil. more than what we spent on that end zone project, La Tech built a brand new press box with 13 suites that will generate millions of dollars of revenue for them over the coming years.
    And Farmer sunk all this money into Cajun Field without bothering to do his due dillegence and check if Cajun Field was even worth keeping around. Since then we’ve found something like $10,000,000 in structural issues we’ll apparently have to correct before we ever even add a new brick to the stadium. The lack of foresight and planning was astounding.

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