Monroe Events Center & Headquarters Hotel

Source: NewsStar (Monroe, LA)

The City of Monroe unveiled a large portion of the plans for the proposed Monroe Event Center and an adjacent hotel Thursday.

In May 2017, the Monroe City Council approved spending $800,000 for a planning phase for a new facility.

The current version of the center features some major changes, including the event center sharing space with a hotel instead of a detached hotel serving the center from a different site.

Consultants plan for a 200-key hotel with conference areas and ballrooms shared with the event center. The hotel would feature a restaurant and an additional retail space.

The addition of the hotel upped the potential price tag from an estimated $90 million to $135 million with $65 million attributed to the hotel and $70 million to the events center.

It also brings additional financing to the table in the form of hotel revenue bonds — bonds sold to private investors and repaid by profits generated by the hotel.

Greg Garfield, president of Garfield Public Private, discussed the target capital plan for the project.

It includes $50 million in city financing, $18.5 million in project sales tax bonds, $15 million in state/federal funding, $36.5 million in hotel revenue bonds and $15 million for naming rights/fundraising.

Project sales tax bonds are based on the projected sales tax revenue the project will bring to the city. Hotel revenue bonds are paid with profits generated by the hotel after all operating expenses are paid. State and federal funding includes potential funds for emergency shelter use and other government sources.

Facilities Include

• 200-key hotel with conference areas and ballrooms shared with the event center
• Restaurant
• Additional retail space