NEW ORLEANS — A crucial part of the plan to keep the Saints in New Orleans through 2055 remains in legislative limbo.
Governor John Bel Edwards made a commitment that the state would put up $90 million of the ongoing $450 million dollars in renovations at the Caesar’s Superdome in New Orleans.
Nearly three years later, state lawmakers are still debating whether to write the check.
“Louisiana is a poor state, and we better make sure we take care of the entities that drive our economy in this state,” said Louisiana State Treasurer John Schroder. “I believe the Superdome to be one of those.”
Schroder chairs the state bond commission.
Thursday, the panel had a lengthy discussion about a plan to finance the state’s share of the dome renovations.
It would involve forgiving $63 million in outstanding debts owed by the Superdome oversight board, the Louisiana Stadium and Exposition District (LSED).
“It worries me a little bit that we are getting entangled in the politics of New Orleans and it’s going to cost the state in the long run,” Schroder said.
Schroder says back when the last deal was done to extend the Saints lease agreement through 2025, New Orleans area lawmakers held key positions such as senate president and chairman of the House Appropriations Committee.
Those now making decisions at the state capitol are from other parts of the state.
Current Senate President Page Cortez, R-Lafayette, is against the debt relief proposal.
“I don’t think forgiving this debt in anyway sends a positive message to the people of the state of Louisiana,” Cortez said.
Commissioner of Administration Jay Dardenne, Gov. Edwards chief budget advisor, also serves on the bond commission.
He says the dome improvements are needed to keep the Saints in New Orleans though 2055 and state money is needed now to ensure future phases of the renovations get done.
“It is critical in order to maintain the timeframe that is in place to complete phases three and four, completion in time for the scheduled Super Bowl in 2025, that, that work begins early next year,” Dardenne said. “I hope that it won’t be the will of this bond commission not to fulfill that commitment and to lose this opportunity that we have going forward.”
Schroder says he’s not sure if the matter will come up at the bond commission’s November meeting.
“I’m going to push all the sides to get in a room and make a decision, whether it’s yes or no,” he said.
The LSED released this statement:
“The LSED will continue to communicate with Legislative members regarding on how best to fund the State’s share of the Superdome renovation project. This has been a multi-year process, with both the LSED and the Saints contributing significant funds to the renovation progress so far. We remain optimistic that a solution can be found that will allow the renovation to continue so that a long-term lease with the Saints can be signed.”
In addition to the state covering $90 million of the renovations, the Saints agreed to put up $150 million and the LSED, $210 million.
The first two phases of the project have already been completed.
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