Published: April 12, 2012
A short addendum to the recent ownership update from Hornets247.
Yesterday, we gave a summary of the recent ownership happenings, which have been less than hoped on the sale front, but we mentioned progress on the State side (however surprising that is to some). Particularly, we spoke of HB2 and how it contains the legislation that will kick off the Arena renovations, the passage of which must occur for the agreed upon lease amendment to take effect.
I realize that I am seemingly remiss in discussing the State side of this . . . I hope to remedy this soon.
Another thing that must occur on the State side of things is the extension of the Quality Jobs Program, which gives them about $3m a year in tax rebates. They currently receive this, so this continuing is not a new indirect tax on the public.
HB1072 is the bill to amend the current statute, RS 51:2454, is in the Ways and Means committee, just like the bond issue tied to the renovation, HB2. It is a very short bill and is laser-focused on this item only, and ancillary issues only related to the changes. This should get done sooner than HB2.
We still need to find out about the lease itself and when it’ll be approved. If it’s out there, let me know, but I didn’t run across it yet.
That will round out the activities the State needs to complete as far as I know. We’ll keep tracking them, but they have to be done by June 4, or perhaps earlier, if the session ends earlier than the last day allowed. If any of these three pieces of legislation is not passed by the end of the session, the lease amendment will not go into effect. My guess is that this is a low probability event.