2020 UL Development

[cajun4life]

$30 mil over 25 years is $1.2 mil a year

Turbine, unless I didn’t understand the info I got yesterday, it was 25 years at $30M per year. Which would have easily been covered by the franchise’s that were scheduled to commit.

[CajunT]

$30 mil over 25 years is $1.2 mil a year

30 mil per year.

[CajunT]

Those numbers don't make sense to me. $30MM over 25 years is $750 Million. That doesn't seem like its any way close to what the property is worth.

Kreinke developers had 12 retail commitments already on board if the the development went forward. The largest being Bass Pro, with an indoor shooting range and fishing tank. It's not about what the property is worth, but what it could be once developed. There were also willing to commitment to help fund the stadium improvements as well.

[ManAboutTown]

Turbine, unless I didn’t understand the info I got yesterday, it was 25 years at $30M per year. Which would have easily been covered by the franchise’s that were scheduled to commit.

I don’t remember the exact numbers from the lease but I do know university athletics stood to receive $18ish mil annually. Which would almost double our current budget.

[ManAboutTown]

Kreinke developers had 12 retail commitments already on board if the the development went forward. The largest being Bass Pro, with an indoor shooting range and fishing tank. It's not about what the property is worth, but what it could be once developed. There were also willing to commitment to help fund the stadium improvements as well.

City would have attached a tourism tax, University (Via RC Properties) profits from leasing the property and sales royalties.

That’s before other restaurants finish off the development. That’s just with what the K group had in the fold. Also, I think, they wanted to build a walk way bridge over congress to connect the entire emt district to the athletic complex.

Am I remembering that right?

[cajun4life]

City would have attached a tourism tax, University (Via RC Properties) profits from leasing the property and sales royalties.

That’s before other restaurants finish off the development. That’s just with what the K group had in the fold. Also, I think, they wanted to build a walk way bridge over congress to connect the entire emt district to the athletic complex.

Am I remembering that right?

Yes you are correct. It would completely change the economic development of the city. Focused right on campus.

[CajunJeaux]

Maggard signed an extension that was held up 1 year by Dr. Savoie. On closer examination, he does not get a raise, just an extension at the current salary. The guy is listening to the wrong people.

Just curious...but do you think there are other jobs out there in this environment that afforded Maggard options?...an extension without reduction in pay seems like a win to me when we may not have sports for awhile??

[CajunT]

City would have attached a tourism tax, University (Via RC Properties) profits from leasing the property and sales royalties.

That’s before other restaurants finish off the development. That’s just with what the K group had in the fold. Also, I think, they wanted to build a walk way bridge over congress to connect the entire emt district to the athletic complex.

Am I remembering that right?

Walk-Ons approached UL about building a permanent site at Russo Park, and committed to pay for the Club House and other improvements. That was not tied to the Kreinke Development.

[ManAboutTown]

Walk-Ons approached UL about building a permanent site at Russo Park, and committed to pay for the Club House and other improvements. That was not tied to the Kreinke Development.

Now that one puzzled me more than the other stuff. I’d love to hear TJoe or JLL explain that one. Zero risk, zero work. Sign the papers and collect the money...

[CajunT]

Just curious...but do you think there are other jobs out there in this environment that afforded Maggard options?...an extension without reduction in pay seems like a win to me when we may not have sports for awhile??

I'm certain there are some out there. The current environment with Covid-19 and colleges cutting funding across the NCAA suggest the job market is not that great right not for a move. My gut tells me once Napier is gone, he will be as well. But he can't be thrilled about Dr. Savoie delaying his extension for a year.

[zephyr]

So have we heard any reasons as to why the university wouldn't still want to do this? Seems low risk to them while being able to generate an amount of funds for our budgets and renovations we don't have to spend money on. Were there details the developers wanted the university to commit to that exposed them in any way? Just weird.

[CajunT]

Now that one puzzled me more than the other stuff. I'd love to hear TJoe or JLL explain that one. Zero risk, zero work. Sign the papers and collect the money...

Well good luck with that, my understanding is that he has side stepped meetings with major donors for academics and future medical program over his #BLM statements. We are talking millions, not small money.

[ManAboutTown]

So have we heard any reasons as to why the university wouldn't still want to do this? Seems low risk to them while being able to generate an amount of funds for our budgets and renovations we don't have to spend money on. Were there details the developers wanted the university to commit to that exposed them in any way? Just weird.

I know it’s a drop in the bucket to most of them, but these companies spent money to cost analyze and survey the area. Counted cars, looked at foot traffic, land surveys, drawings, etc. Can’t be great business to just, ya know, NOT CALL BACK and ‘big time’ them when they reach out to us. Especially when we are paying a consultant group to put us in contact with people like this.

I bet the Alden people are thrilled about how this was handled...

[Esqueleto]

I know it’s a drop in the bucket to most of them, but these companies spent money to cost analyze and survey the area. Counted cars, looked at foot traffic, land surveys, drawings, etc. Can’t be great business to just, ya know, NOT CALL BACK and ‘big time’ them when they reach out to us. Especially when we are paying a consultant group to put us in contact with people like this.

I bet the Alden people are thrilled about how this was handled...

I'm just nauseous thinking about this right now. What a shame for both the City and University. Disgusting

[SlappyCajun]

Are you all saying that this group was going to pay $30MM a year to lease vacant land. I'm extremely confused.