Cajun Field Renovation Plans

[cajun_lannister]

Can you post a link?

https://www.lla.la.gov/PublicReports.E/000179B3.pdf

[cajun_lannister]

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

[GeauxLouisiana]

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.

[Cajun90]

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.

[anhil8tor]

Interest is almost double???

CHUUUU

[cajun_lannister]

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

[GeauxLouisiana]

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.

[CajunT]

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!

[CajunVic]

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?

[fanof71]

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

[Turbine]

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.

[ZoomZoom]

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.

[CajunAmos]

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).

[CajunRebel]

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.

[CajunRebel]

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.