(The Center Square) – The Caddo Parish Commission is set to decide Thursday whether to place a $60 million indoor sports complex bond proposal on the November ballot.
The 170,000-square-foot sports and recreation complex would be located in an “easily accessible” part of Shreveport, Caddo Administrator Erica Bryant told The Center Square.
The new facility would be funded by general obligation bonds, initiated over three years. The parish will pay the debt from the 1.5 mills it collects on property taxes for “bonded debt service.”
Bryant said that property taxes related to this purpose are not expected to rise. The 1.5 mills is projected to generate $3.5 million in 2026 for the parish, whose residents decide if new bonds can be issued.
The parish’s financial outlook strengthened after it was announced that Stack Infrastructure planned to build a data center campus for Amazon Services, called the Stateline Data Center.
“When we initially looked at the parish’s capacity to issue additional debt … we didn’t want to project what Amazon would do until we had spoken with the parish and gathered additional information,” said DeDe Riggins, a government consultant for Foley & Judell. “Once we got that additional information about when Amazon will be on a tax roll, we projected that the parish could issue no more than 60 million in additional debt, while maintaining your … millage rate.”
Bryant said they originally planned to ask voters to approve $42 million but the updated calculation allowed them to increase it by $18 million.
It would sit on approximately 12.5 acres, include 700 parking spaces, courts for basketball, volleyball and pickleball, and a 15,000-square-foot family entertainment center. The facility could accommodate cheerleading, dance, wrestling, conventions and other sporting or community events.
Commission officials believe the facility will be a major economic development engine, attracting tournaments that bring sports tourism dollars and ancillary hotel, restaurant and retail development in close proximity.
Bryant said a proposed site has not been selected yet, but she is considering which area of the city could use additional development.
At Monday’s work session, Commissioner John Atkins questioned why there isn’t a detailed report for the commission to consider.
“There’s been no data to support it and nothing for us to evaluate,” Atkins said.
Braynt said her plan was to send out the economic analysis, first presented Monday morning to the economic development committee, to the entire commission later that day.
Caddo Parish paid Sports Facilities Advisory $58,000 to develop a 46-page feasibility report that provides a comprehensive five-year financial projection and economic impact analysis. The Florida-based consulting firm specializes in developing and operating sports and recreation complexes, according to its website.
That report forecasts $11 million in economic impact in year one, increasing to $20 million by year five. The Center Square requested but has not received the consulting firm’s pro forma documents – detailed economic analyses – used to drive their financial projections and summaries.
In year one, the facility will generate $1,861,402 and cost $2,104,850 to operate, creating a deficit of $243,449; by year five, it’s projected to post a profit of $270,900, according to the report.
Bryant said the parish’s relationship with Sports Facilities Advisory ends with the $58,000 contract. If the commission approves the ballot measure, and voters say “yes” on Nov. 3, the parish will seek proposals to design, build and run it.
Keeping the current millage rate in place provides an economic boost, whereas lowering this property tax rate would have a small impact, she said.
