Instead of 90-million-dollars, a proposed 54-million dollar deal is awaiting Bond Commission and joint budget Committee approval for partial funding of Superdome renovations that total around 450-million dollars.
“This agreement is going to enable that work to go forward this contract to be signed early next year with work to be completed around the events that are scheduled in the dome,” said Commissioner of Administration Jay Dardenne.
Half of the state’s money going towards the dome is coming from federal coronavirus relief aid allocated to Louisiana.
Dardenne says the proposed deal is a two-step process involving the governing body of the Superdome paying off a 28-million dollar debt, followed by the budget committee action tomorrow which he says “will approve an allocation of American Rescue Plan money to the LSED that will facilitate that bond buyback.”
As part of the deal, the Saints will commit to remaining in New Orleans through 2035. Two 10-year extension options will apply if the Superdome renovations are completed.
Dardenne says the Saints will have to put up their own money for the project.
“The Saints will continue to be responsible for $150,000,000 of the approximately $450,000,000 project. This is the first time the Saints have ever put up any money to support renovations to the dome,” said Dardenne.
The new plan will have the Louisiana Stadium and Exposition District coughing up 246-million dollars for the renovations.
The deal also includes the Saints reducing the rental of Benson Tower offices to the state at market rates, not those that are currently higher than average lease prices.
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