Shreveport Chamber of Commerce endorses plans for sports complex, related development
SHREVEPORT, LA (KSLA) - The Greater Shreveport Chamber of Commerce is endorsing the Cross Bayou development which includes the downtown multi-purpose sports complex.
According to a statement released by the chamber, the support follows a town hall hosted last week for members to hear from the city and project's private developer.
Below is the statement from the chamber of commerce:
The chamber says if the NBA's New Orleans Pelicans choose Shreveport as the home for its G-League, it would bring national and regional attention to the city.
According to the chamber's statement, the Pelicans G-League would put Shreveport on the map for "the sports ecosystem of Louisiana."
Members of the chamber say the downtown development could "showcase out other assets such as our growing tech sector, reasonable cost of living and diverse economy."
The development is also a chance for the city and Caddo parish officials to work together, according to the chamber.
Chamber members are calling the investment and the "economics of this project" relatively straightforward.
According to the chamber, the city is reallocating less than $2M a year from the Riverfront Development fund.
The fund was created to "invest in a multi-use facility that will be owned and operated by the city", the chamber explains.
Members of the chamber say the city will have a lease from the Benson organization "for the duration of the bonds used to pay for the project."
According to the chamber's statement, there are other funds that will be available if there is not enough money made from the complex to cover its costs after the 5th year.
The chamber says the additional funds would come from expired renovation payments on Independence Stadium. The funds must be used for a similar project to reallocate the costs, according to the chamber.
City council members are expected to vote September 12 on whether to begin the process of securing the bond money.
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