Success of SLU Arena Depends Upon Coachless Basketball Team
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Today Saint Louis University fired head coach Brad Soderberg. SLU’s review of the team and lack of qualifiying for a tournament cost Soderberg the head coach job he has held for the last five years. But the disturbing part is how this relates to their new costly arena project, here is from a SLU statement:
Because the success of the new Chaifetz Arena is largely contingent on the success of the men’s basketball team, it is imperative that the team be led by a coach who we believe can establish a program that consistently vies for conference championships and engages in postseason play.
Wait a minute! SLU is building an $80 million dollar arena, just a couple of miles from the Scottrade Center downtown, with the success hinging on the men’s basketball team? Furthermore, at least $8 million in public subsidies in the form of TIF Financing (Tax Increment Financing) is going into this project resting in the hands of the team and an as yet to be hired new head coach. Well, I’m confident our “leaders” made the right decision.
Oh boy, has anybody told the bond holders on this project the old coach was fired because the team isn’t good enough to make the arena a success? That is kinda like all of SLU’s largely vacant parking garages — the success of them depends upon students, faculty and staff paying huge fees for parking passes. Ever wonder why SLU doesn’t support transit passes the way Washington University does? Follow the money, or debt in this case.
Mark my words folks, we’ve got another St. Louis boondoggle in the making!
April 17, 2007 – SLU Statement on Soderberg
February 19, 2007 – Urban Review Post on Legal Issues on TIF Financing
August 28, 2006 – SLU Press Release on Arena Ground Breaking