Okay, so again, no actual number. $35k is too low for y’all but y’all can’t tell me what it should be.
I'm not so sure you need a festival department to accomplish this but, perhaps Hospitality management can benefit from acting like they are one during that portion of the curriculum.
However, besides the athletic department parking needing the year-round practice, I have a Q, is Athletics getting the money for peripheral rentals? (I've already forgoten)
you showed revenues of the Mardi Gras Association, were there expenses listed as well? if UL is taking a percentage strictly off revenue (before expenses) then that 35,000 number may not look as bad as it does against a net number. (I may have just missed expenses and this post may not mean anything)
Minus several line items of operations expenses and deprecation and Maintenance. Not including benefits of advertisement and revenue produced after the fact.
We don’t have the requisite information at our disposal to nail down an exact number. But just using the numbers you provided, based on comparison (someone used Evangeline Downs property - which btw, really isn’t a comp property), the money does not make sense.
FMV is not really the point here. If you have a monopoly on something, you hold all of the cards. You set the price. There is no negotiation.
Comparison: The City of Lafayette pays $500G a year just to control use of the Cajundome.
How many actual days they use it? I do not know.
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