Opelousas Downtown Development District members have agreed to convene another special meeting to determine methods of financing, managing and maintaining the initial phase of an estimated $6.67 million redesign project for Donald Gardner Stadium.
Some ODD members appeared anxious during a Friday morning meeting to move the plan another step forward.
However, one major issue the ODD Board has not determined is whether to use revenue bonds for funding approximately $4.7 million of ODD funding for Phase 1 or partner with Synergy Sports, which has proposed to finance that part of the project in addition to handling the promotion, marketing and maintenance aspects.
The remaining $2 million required for Phase 1 will originate from St. Landry Parish, city and state funding.
It was unclear on Friday when the next special public meeting will be held.
During an Aug. 17 presentation, representatives from Synergy Sports told ODD, parish officials and city administrators that they are prepared to partner with the NCL financing group to provide $4.7 million that will be combined with city, and state funds as part of a 15-year payment program.
The Synergy proposal would cost the ODD $37,743 monthly, which Synergy representatives claim is less than issuing bonds based on current rates, term and administrative costs.
According to the Synergy financing strategy, ODD would agree to enter into a nominal fee lease agreement with the city in order for the ODD to have full operational control of Donald Gardner Stadium for the Phase 1 plan which includes an eight-lane track, football field turfing, stadium renovations and expanded vehicle parking.
The Synergy proposal also includes a contract between ODD and the company to provide maintenance plans, marketing and management. The management and maintenance agreement would allow Synergy to provide contract employees for the grounds crew, staff and administrative support.
Synergy predicts that the stadium renovation could realize a $175,029 net profit by year three.
On Friday ODD member Pat Fontenot questioned the financing part of the Synergy plan. Fontenot said he is in favor of acquiring revenue bonds and quickly launching Phase 1.
“I think we need to move forward on what we have planned to do with the stadium, track and parking lots. Now at the last minute, we are looking at something else. That’s just causing us some mass confusion. We have a plan,” said Fontenot.
Fontenot said he thinks the ODD should proceed with applying for the revenue bonds and perhaps letting the Synergy group handle the rest.
It’s important, Fontenot said, to consider what the long term effects of Phase 1 will resemble during the next decade or so.
ODD chairman Lena Charles said it’s perhaps prudent that the Board pump the brakes momentarily on Phase 1 before agreeing whether to use a revenue bond or partner with Synergy.
“We have to make sure that we are not going to be pushed into a decision too fast,” said Charles.
Bill Rodier, executive director of the St. Landry Economic District, said he is confident that Synergy and NCL have the sufficient credentials to oversee the funding, management, marketing and maintenance of the city-owned park.
