2020 UL Development

[ManAboutTown]

Thank God! For a small college town, RSN is doing quite fine for itself.

Donnie, you’re out of your element.
Sit this one out...

[Turbine]

Seeing would be believing of course but this is a U.P. who gave away 100 acres on an always busy thoroughfare, (one mile away) for a mere one time fee of $6 mil.

[Cajun Monkee]

Fish, we are not talking about selling but leasing a development of said property. The last numbers I could find on the constructing and build out of a Bass Pro Shop was $69.5M. Now imagine the Bass Pro Shop as the anchor and major retail development around it. You could be talking an estimated $200m plus investment easily.

Think the Costco and Fish & Game development on Ambassador Caffery. That deal is worth millions, and the city allowed that development to be tax exempt for a number of years so they could recoup some of their cost of infrastructure. So I'm almost certain that this development with would have to be tax exempt for a number of years for the developers to recoup of their investment on infrastructure.

I don't see how this is hard to imagine at all when you consider the cost of development over a number of acres. Leasing such property would have brought in millions to the university's coffers. My understanding is that Dr. Savoie wasn't keen on the suggestion of using the funds to make his athletic program self funded. His idea would be those funds would go directly into the university foundation for his use period.

Actually, this isn't how the Costco development ILOT was structured, and it won't work in this instance.

The Costco development is only exempt from PROPERTY taxes for several years; sales taxes are still being collected.

The University pays no property taxes on the land it owns. Subsequently, there would be no ILOT improvements that could be funded by tax exemption on land it leases. Hard infrastructure installation would be on the developer or UL (or LCG).

So the only thing left would be to forgive sales taxes. Not saying this couldn't happen, but Costco is not an accurate comparison for the development along Cajundome Blvd.

And as far as infrastructure development goes, I think we've had this conversation on this board before. I think there would need to be a massive overhaul of sewage and water capacity (not to mention traffic) in the area.

[CajunT]

Actually, this isn't how the Costco development ILOT was structured, and it won't work in this instance.

The Costco development is only exempt from PROPERTY taxes for several years; sales taxes are still being collected.

The University pays no property taxes on the land it owns. Subsequently, there would be no ILOT improvements that could be funded by tax exemption on land it leases. Hard infrastructure installation would be on the developer or UL (or LCG).

So the only thing left would be to forgive sales taxes. Not saying this couldn't happen, but Costco is not an accurate comparison for the development along Cajundome Blvd.

And as far as infrastructure development goes, I think we've had this conversation on this board before. I think there would need to be a massive overhaul of sewage and water capacity (not to mention traffic) in the area.

The conversation never got to that point, had it moved forward we would have gotten an idea of what our City/Parish Government was willing to do. But they were told with a tie-in to the Cajun Dome/Convention Center, there was a possibility of some monies being made available from the budget of State Tourism. There was also some discussion of a Motel Tax being passed to help offset the cost of infrastructure. But it never got to that level because of Dr. Savoie's stance.

[facelessjonmoon]

Very interesting, and sounds like a dream deal. Why would University or City officials turn this down? I'd like to know more about this.

Wtf would Kroc family and Grienke invest that in Lafayette, LA? Where are the ties coming in?

The walk ons idea At Russo would be legit AF

[BlueDawg]

Prove us wrong. I will sit and wait.

Prove what wrong? I just laid out why a Bass Pro won’t be built near the Cajun Dome. It would be a horrible biz decision if they did anchor a dev there. Don’t understand why you take that as a personal insult. Plus there’s plenty of great local options that would suffer from another big box in your area.

[CajunVic]

Prove what wrong? I just laid out why a Bass Pro won’t be built near the Cajun Dome. It would be a horrible biz decision if they did anchor a dev there. Don’t understand why you take that as a personal insult. Plus there’s plenty of great local options that would suffer from another big box in your area.

That is what I thought. Nothing personal but who designated you a real estate development guru? Oh, it was you. No problem.

[Cajun Monkee]

The conversation never got to that point, had it moved forward we would have gotten an idea of what our City/Parish Government was willing to do. But they were told with a tie-in to the Cajun Dome/Convention Center, there was a possibility of some monies being made available from the budget of State Tourism. There was also some discussion of a Motel Tax being passed to help offset the cost of infrastructure. But it never got to that level because of Dr. Savoie's stance.

You were the one who brought up the Costco analogy; I just pointed out an inaccuracy in your assessment and how it wouldn't apply in this situation.

And now you provided a few hypotheticals on what didn't happen because of T-Joe's apprehension/stance.

For example, a hotel tax (would it be only on the Holiday Inn Express or city-wide or parish-wide?) to pay for infrastructure to somebody you are giving exemptions to?

Maybe there was a house of cards dependent on one single card providing the foundation.

Remember the thread a few years ago about the guy who got LA DOTD to commit to building a bypass south of I-10 and he was gonna build a huge water park? Never happened.

Remember the golf course development south of the Mall, across Johnston that depended on the acquisition of several properties, the realignment of two roads, the realignment of a major drainage channel, etc.? Never happened.

Oh, and a few months ago I was actually involved in a conversation with a guy who was gonna buy all of that land and redo it as a mixed used development complete with elephants.

Yes, elephants.

Said he 8-9 figures lined up.

I guess he couldn't get the elephants, as it never happened.

Look, I'm not saying something did or didn't happen. But just looking at some of the issues about this just give me pause.

If we're talking about just the corner of Congress and Cajundome, its about 32 acres and the market value according to the Assessor's office is it's worth $2.1 million. Admittedly, I have little knowledge of real estate and this is the market value from the Assessor, but I just have a hard time believing sombody is gonna lease the land at the amounts talked about on this thread.

Just curious....the Airport successfully pursed a taxing initiative a few years that has subsequently retired.

Would you be willing to pay a higher property tax on your home for the potential economic development of the Cajundome Corridor?

[facelessjonmoon]

Maybe Jay could cover it.

Dave Schultz maybe but he is gone

[CajunT]

Wtf would Kroc family and Grienke invest that in Lafayette, LA? Where are the ties coming in?

The walk ons idea At Russo would be legit AF

You can start with guys like Alden, Rick Jones and a few others. These guys have sat with these type of people and run in the same circles when it comes to private capital investment. An hour conversation isn't enough to get all the details, but the group was legit. But someone like Savoie that lacks vision are the want to grow hasn't a clue. I used to think it was incompetence, but when you have brought in consultants to advise you on what should be done and how to raise the revenue and you delay or completely ignore it, it's a lack of will and vision period. He needs to take his $375K retirement and walk-away in the sun.