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cyberdude557

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: April 30, 2009, 11:37:57 AM

Saints To Stay In New Orleans Through 2025
Posted by Mike Florio on April 30, 2009, 10:35 a.m. EDT
Attention, Ed Roski.  You can now scratch the Saints from the list of potential targets to lure to Los Angeles.

The Saints have announced that they will remain in New Orleans through 2025.

The new deal will dramtically reduce the state’s subsidy payments to the Saints; Governor Bobby Jindal claimed that, in comparison to the current arrangement, the new deal will save taxpayers more than $280 million over the next 17 years, with (read my lips) no new taxes to fund the deal.

Saints owner Tom Benson will make up some of the difference between past payments and future payments by buying dormant properties in the vicinity of the Superdome and leasing space back to the state.

“It’s a bold project in an area in need of investment and renewal, and this partnership will take a part of our city that has not bounced back and make it a place the residents of New Orleans and all of Louisiana can be proud of again,” Benson said in a release.  “The Superdome is a world-class facility, and it’s going to be enhanced.  We are very happy with everything planned, and we want the buildings that surround the stadium to be on the same level.”

Governor Jindal also gushed about the deal.  “This is a great day for Saints fans and the whole state of Louisiana,” Jindal said.  “Throughout this process, I said we would make sure that this deal makes sense for Louisiana taxpayers – and by executing this agreement we will save the state hundreds of millions of dollars, while making what will be an incredibly successful investment for our state.

“This new partnership results in a long-term lease agreement with the Saints – plus an innovative investment that will dramatically revitalize the Superdome area.  By modernizing the Superdome, we will enable the site to be more competitive with venues around the country.  At the same time, we have the opportunity to revitalize an area of downtown New Orleans that has remained dormant for four years – and generate further economic development in the region.”

Technically, the agreement is subject to approval by the Louisiana Legislature.  But it’s unlikely that the lawmakers will balk, since a new deal is needed to solidify New Orleans’ bid for the 2013 Super Bowl.

http://www.profootballtalk.com/2009/04/30/saints-to-stay-in-new-orleans-through-2025/

CyberDilemma

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#1 : April 30, 2009, 01:19:24 PM

Smoke and mirrors......so they reduce the subsidy payments to the "Saints" but they turn around and give the same money (or more) to Benson to lease dormant properties surrounding the Superdome.....classic politics at work.

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#2 : April 30, 2009, 04:51:27 PM

16 more years of losing tradition for LA, hoooray!

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Puddinhead

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#3 : April 30, 2009, 04:48:56 PM

Smoke and mirrors......so they reduce the subsidy payments to the "Saints" but they turn around and give the same money (or more) to Benson to lease dormant properties surrounding the Superdome.....classic politics at work.
The State would be spending the money to lease all of the office space anyway, because most of the various buildings in New Orleans that these same state offices were housed in are slated to be demolished.  The state had been considering building a new state building to house these offices, which would have been more costly than what they'll end up paying Benson through the lease arrangement.  Benson will be buying the office tower and shopping mall adjacent to the Dome that the current owner (LA based Judah Hertz) had no intention apparently of renovating.  Benson pays to buy the property, then pays to renovate it and partners with the Stadium District to renovate the mall area, then leases about 3/4 of the office space to the State rather than being paid straight subsidies.

dalbuc

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#4 : April 30, 2009, 05:33:46 PM

16 more years of losing tradition for LA, hoooray!

That's not fair, they get to 8-8 some years.

All posts are opinions in case you are too stupid to figure that out on your own without me saying it over and over.

Lynch47

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#5 : April 30, 2009, 06:11:18 PM

Thats if another hurricane doesnt finish what Katrina started. Theyve got some serious work to do down there with the levees and marsh land. A much more serious effort is needed in that area
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