The Greater Shreveport Chamber of Commerce issued an endorsement of the proposed sports complex in a 4 page letter titled “We Did the Homework: The Caddo Sports Complex Earns a Yes”. This press release identified six issues that needed to be addressed and listed ‘”The Parish Commitment” to resolve each of these concerns.
Here are the Parish commitments:
1. The complex will be designed to accommodate at least ten (10) basketball courts and twenty (20) volleyball courts that meet NCAA standards and USA Volleyball tournament layout.
NO COSTS ESTIMATES WERE PROVIDED FOR THESE PLAN CHANGES
2. The complex will be designed to add additional parking from 695 spaces to 1,300 paved parking spaces and 350 stabilized overflow spaces.
NO COSTS ESTIMATES WERE PROVIDED FOR THESE ADDITIONAL SPACES
3. The site plan will be revised to include stormwater detention, loading and service areas, and bus and recreational-vehicle-drop-off.
NO COSTS ESTIMATES WERE PROVIDED FOR THESE SITE PLAN ADDITIONS
5. Rather than rely exclusively on General Obligation Bonds for financing, additional revenue opportunities such as Tax Increment Financing (TIF) or an Economic Development District (EDD) to support the debt management and operation costs will be explored by the Parish Administration.
THE BOND PROPOSITION IS $60 MILLION FOR A $70 MILLION COST WITH NO TIF OR EDD FINANCING REQUIRED
6. Out-of-town tournament visitors would generate an estimated $319,000 in hotel occupancy tax with no dollars for the Parish.
The Parish Administration will hold “meaningful discussions” with outside agencies—the City of Shreveport, Visit Shreveport-Bossier, the Shreveport Bossier Sports Commission—to get partnerships to support the construction or operations of the complex.
QUESTION: WHEN IS THE LAST TIME A PUBLIC ENTITY VOLUNTARILY SHARED FUNDS WITH ANOTHER PUBLIC ENTITY
7. Nothing was set aside to replace worn-out equipment.
The Parish Administration, beginning the second fiscal year after the complex begins operations, shall establish a dedicated capital reserve fund for capital replacement of floors, turf, scoreboards, and HVAC based on lifecycle replacement schedule
NO INFORMATION PROVIDED ON THE IMPACT OF THIS FUND ON THE ESTIMATED OPERATION COSTS OF COMPLEX AND THE BREAK-EVEN YEAR ON REVENUE VERUS EXPENSES
The Chamber’s endorsement letter states the “Parish Administration understood our concerns and committed in writing to address each one IF voters approve the bond issue. A request has been made for these written commitments and will be published upon receipt.
Hopefully, the Chamber has the written Parish commitments in hand NOW—and is not waiting until an approval vote of the bond issue to obtain the same.
If not, the so-called "commitments" could be fool’s gold.
