The State Bond Commission today approved the sale of up to $350 million in bonds to fund the Superdome’s proposed stadium upgrades. The upgrades will total over $450 million over the next few years, before the end of the current lease with the Saints in 2025.
This go-ahead is expected to be the missing piece in extending the Saints lease, so renovations can start.
Trahan Architects have been working on the design and architecture, and in May New Orleans-based Broadmoor was selected as the general contractor for the first phase of construction. So far, the project has cost $10 million, which has been covered by the Saints and the Louisiana Stadium & Expedition District.
The first phase will cost $100 million and will include a new commercial kitchen and food service area, along with the removal of 80,000 square feet of outdated ramps in favor of a system escalators and elevators.
The Saints will fund a third of the costs, or up to about $150 million, the State will cover $90 million, and LSED will fund the remaining $210 million through the issuance bonds.