The Louisiana state house has slightly reduced the tax breaks being considered for the New Orleans Hornets (now in the process of being sold to Saints owner Tom Benson) from 15 years of $3.65 million tax rebates to 10 years. Though if you read the articles at the time it was first announced, it’s only a ten-year lease extension, so giving 15 years of tax breaks never made sense in the first place.
Anyhoo, the Hornets’ new round of taxpayer subsidies will now amount to only the ten years of tax breaks (worth about $28 million in present value, by my Excel calculations), plus $50 million for renovations to the New Orleans arena. In exchange, the Hornets promise to remain in town through at least 2024, which means that there should be no talk of new arenas and move threats for at least the next year or two. The state will also be required to file annual reports on the number of jobs created or retained by the tax rebate, which should at least make for some entertaining reading.