2020 UL Development

[cajun4life]

Once again the university administration has screwed the pooch. I don’t know how many times the fans can be Charlie Brown’ed and continue to support the program.

Most of y’all remember the talk of development around Cajun Field with a retail and entertainment district. Well it turns out that the Kroc family, McDonalds franchise owners, as well as Stan Kreinke owner of the LA Rams were the two big fish developers who were backing the development. Also a Walkons addiction to Russo Park that would have funded the locker room addition.

The real estate deal with zero liability on the university, other than losing the real estate for other ventures was a straight 25 year lease for $30M annually. If that $30M would have been allocated towards athletics, even if just for facility renovation, we would be on par budget wise with the top of the American and equal to several P5 programs self generated revenue.

This development would have completely transformed the city of Lafayette and made the athletic campus the heart of the city. Good job once again by our administration.

I’ve also heard rumblings that T-Joe will withhold the auxiliary funds from the athletic program. These funds are self generated within the university, parking tickets, parking passes and other similar means. The amount has been roughly what the general fund transfer would be if we used that to supplement the athletic budget. It is $10m ish a year. So we can look for a 30% decrease in budget next fiscal year if this holds true.

[cjr3888]

So you’re saying the development won’t happen?

[Esqueleto]

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.

[cajun4life]

So you’re saying the development won’t happen?

All signs point to no.

[SlappyCajun]

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.

[cajun4life]

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.

My guess is this development would hurt the bottom line to some other donors and T Joe was persuaded to stall until the developers lost interest. Or he doesn’t want something he can’t control on campus no matter how profitable for the university it could be.

[ManAboutTown]

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.

It’s very simple. Control.

T-Joe is light years better than his predecessor but has no interest in Athletics becoming “bigger” than the University itself.

Im glad someone finally posted some details about this. If you remember, a couple different posters have been hinting about this for a while now. It’s a big reason why I’ve stopped beating the drum so loudly.

And there is MUCH more to it... I was surprised that Maggard signed a 5 year extension with what he has to know about missed opportunities around here. The ONLY reason that we are not in the AAC and/or nipping at the heels of a P5 invite is our own incompetence.

[ManAboutTown]

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.

Do you have any idea what and who would occupy that property?

[ManAboutTown]

Once again the university administration has screwed the pooch. I don’t know how many times the fans can be Charlie Brown’ed and continue to support the program.

Most of y’all remember the talk of development around Cajun Field with a retail and entertainment district. Well it turns out that the Kroc family, McDonalds franchise owners, as well as Stan Kreinke owner of the LA Rams were the two big fish developers who were backing the development. Also a Walkons addiction to Russo Park that would have funded the locker room addition.

The real estate deal with zero liability on the university, other than losing the real estate for other ventures was a straight 25 year lease for $30M annually. If that $30M would have been allocated towards athletics, even if just for facility renovation, we would be on par budget wise with the top of the American and equal to several P5 programs self generated revenue.

This development would have completely transformed the city of Lafayette and made the athletic campus the heart of the city. Good job once again by our administration.

I’ve also heard rumblings that T-Joe will withhold the auxiliary funds from the athletic program. These funds are self generated within the university, parking tickets, parking passes and other similar means. The amount has been roughly what the general fund transfer would be if we used that to supplement the athletic budget. It is $10m ish a year. So we can look for a 30% decrease in budget next fiscal year if this holds true.

And my personal favorite... A total stadium renovation was included in the negotiations..

[CajunT]

It’s very simple. Control.

T-Joe is light years better than his predecessor but has no interest in Athletics becoming “bigger” than the University itself.

Im glad someone finally posted some details about this. If you remember, a couple different posters have been hinting about this for a while now. It’s a big reason why I’ve stopped beating the drum so loudly.

And there is MUCH more to it... I was surprised that Maggard signed a 5 year extension with what he has to know about missed opportunities around here. The ONLY reason that we are not in the AAC and/or nipping at the heels of a P5 invite is our own incompetence.

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.

[ManAboutTown]

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.

Maggard is here 2 more years, tops. IMO.
Probably whenever Billy moves on to bigger and better things.

[Turbine]

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.

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

[VObserver]

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

1.2 million per year and 0 risk is huge.

[VObserver]

Do you have any idea what and who would occupy that property?

One name I heard was Bass Pro Shop.

[cajun4life]

And my personal favorite... A total stadium renovation was included in the negotiations..

Exactly