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Halo 06-01-2004 08:05 PM

Blanco says discussions go on with Saints owner
 
Study recommends renovations to the Dome, not a new stadium.

http://nola.com/newsflash/louisiana/...4044233590.xml

BATON ROUGE, La. (AP) — Gov. Kathleen Blanco, facing a deficit of $7 million in Louisiana's obligation to the New Orleans Saints, said Tuesday discussions with Saints owner Tom Benson were continuing, with another meeting scheduled for this week.

"We're in conversation right now," Blanco said. "We're taking the long-term approach rather than the short-term."

The state is obligated to the Saints under a 10-year, $186 million incentive package that the Foster administration signed three years ago. The package is designed to keep the Saints from moving.

Benson has talked about a new stadium, though Blanco said she had discussed renovating the Superdome with him.

A new study recommends a $150 million renovation of the Superdome rather than spending $450 million for a new stadium with the Saints.

Benson told her the stadium would require "extensive" work; Blanco doesn't want such work to shut down the stadium and cut off revenue from the stadium the state needs.

"We're trying to do it in a way that will allow the Dome to continue to fucntion, and generate a revenue stream," Blanco said.


WhoDat 06-02-2004 03:39 PM

Blanco says discussions go on with Saints owner
 
On this one, I actually agree with Blanco... and this committee. Sinle use stadiums always cost more than they make. The Dome is a rarity in that it generates a good revenue from various types of events.

However, if I were the State, facing a short-fall that would put me in default on my contract with the team, and trying to skirt a new stadium for one of the oldest in the league, I would buck up and make the \"major\" renovations, regardless of whether or not the monster truck rally and boat show had to be cancelled.

saintfan 06-02-2004 03:55 PM

Blanco says discussions go on with Saints owner
 
150 versus 450 million is a pretty easy decision to make, and I agree with Blanco too in that regard (there\'s a first time for everything) since the Dome just needs updating, but she needs to fork over the money the Saints have coming per the contract they signed with the state...general fund or not. I guess I\'d like to know what else they use that \"general fund\" for? Parties at the governers mansion?

saintz08 06-02-2004 11:01 PM

Blanco says discussions go on with Saints owner
 
Quote:

150 versus 450 million is a pretty easy decision to make, and I agree with Blanco too
How about if a new stadium guaranteed a couple of Super Bowls in the up and coming years ???

WhoDat 06-03-2004 02:27 PM

Blanco says discussions go on with Saints owner
 
Quote:

How about if a new stadium guaranteed a couple of Super Bowls in the up and coming years ???
The problem is that Benson wants a single-use stadium. He wants open-air, grass... he wants a football stadium. Now, other than the Saints, Tulane, and the High School State Championships - what are you going to use that stadium for?

Study after study after study has come out and shown that multi-use stadiums like the Superdome are the only ones to make good on the taxpayers investments. A 450 million dollar stadium costs that money right now.

Two Super Bowls have about $700 million of ECONOMIC IMPACT. That means probably only $100 million or so in direct taxes paid back to the state. Further - $450 mil now is worth more than $450,000 in five or ten years.

Actually, I just did the calculation... here\'s why single use stadiums don\'t work:

If the Saints pay roughly $22 million in taxes annually, and we assume a 3.5% inflation rate (historically very low), it will take the Saints 36.5 years to repay the $450 million that it costs the state to build a new stadium. Don\'t forget, that 36.5 years doesn\'t consider the costs of operating the stadium, repairs, improvements, etc.

This is why stadiums have to be mulitpurpose. The Dome can make money 365 days a year. Any stadium new or old should be that way in NO. That\'s my opinion anyway.


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