By Ian Robinson | The Center Square
(The Center Square) – Caddo Parish Republicans are pushing back against the $60 million sports complex bond proposal set for the Nov. 3 ballot.
The Caddo GOP said Thursday that fiscal responsibility is its main concern with the proposal, which would authorize up to $60 million in general obligation bonds over 25 years at interest rates as high as 7%. The party referred to it as a “significant, long-term commitment of taxpayer-backed debt.”
Party Chairman Matt Kay told The Center Square that approving the bond could leave the Caddo Parish Commission without borrowing capacity for future infrastructure needs unless it increased property millage.
Kay said the parish has that borrowing capacity because the commission previously voted to raise property taxes by rolling forward millage rates.
“We have some of the highest property taxes already in the state of Louisiana, inside of Caddo Parish,” Kay said. “We rival Orleans Parish. The financial impact of it just doesn’t make sense to us that we would bond out $60 million for this proposal.”
In a news release issued Thursday, the party stated debt capacity is not free money. Once the Parish commits its available debt-service capacity to this project, the news release read, that capacity is no longer available for other priorities. Roads, drainage, public safety and other essential infrastructure will continue to require investment.
“We should preserve financial flexibility for critical needs rather than commit tens of millions of dollars to a sports tourism venture,” the news release read. “The financial commitment does not end with construction.”
The Party stated that the parish touts the project as $60 million in bonds plus additional funding. They stated taxpayers must also consider staffing, utilities, insurance, maintenance, repairs and other long-term operating costs.
Economic impact projections are not guaranteed government revenue, the news release said. The party stated they support youth athletics and economic development but supporting those goals does not mean government should finance and operate every proposed development.
“If this is a strong economic opportunity, the private sector should bear more of the financial risk,” the news release said. “Fiscal responsibility requires priorities. Caddo Parish government should focus first on essential service, protect taxpayers, preserve borrowing flexibility and carefully scrutinize any proposal that commits public dollars for decades.”
Kay told The Center Square the party is not opposed to sports development but believes a $60 million complex is the wrong investment for the parish at this time.
“It’s not like it’s going to rival Ruston’s sports complex,” Kay said. “I just don’t think it’s the time to do this. We would have to see some things go a little bit better in Caddo Parish.”
The Caddo Commission first advanced the sports complex proposal in May, laying out plans for a roughly $70 million, 174,000-square-foot facility with basketball, volleyball and pickleball courts and other event space.
Voters are being asked Nov. 3 to approve up to $60 million in general obligation bonds to finance most of the project.Parish officials said the bonds could be repaid with revenue from the existing 1.5-mill property tax without increasing taxes.