What is the timeline for the development of the Bayou Phoenix project?

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1:00I'm done carrying around bulky drinks. And I'm definitely done cleaning melted candy out of my pockets. So yeah, I traded them both in for fruity rainbow five hour energy shots. These little guys are as pocket sized as any candy. But instead of a sugar crash, you get a zero sugar caffeine boost. Candy can't even compare at this point. Fruity rainbow five hour energy shots treat your taste buds to an explosion of fruity flavor with a tasty caffeine kick. That's right, caffeine just got a flavor upgrade. And it's not just one flavor. Five hour energy shots bring you tasty caffeine in 17 flavors. 17. So if you're craving that candy flavored chaos, but actually want energy that works, grab fruity rainbow five hour energy shots. Pocket sized zero sugar big flavor. Available now at fivehourenergy.com or on Amazon. Welcome back folks. We're joined by Troy Henry Bayou Phoenix developer with Henry

2:03consulting the other day. They had a community meeting where they made a presentation and some announcements about some new partners and new developments and pieces and parts of this overall $500 million investment into Orleans East and Troy joins us. Troy, welcome to the show. Hey, new thanks for having me. So Troy, if you would tell us a little bit about what you guys talked about at your community meeting with some of the new revelations about the organization and the investors in this project. Yes, sure. Thanks. One thanks for having me. And it was an exciting day on Friday because we unveiled our anchor partners. Essentially, these will be the companies that are nationally recognized that will run the various venues associated with Bayou Phoenix. The first one was we actually announced previously, which was ERAW Studios, LRAW Studios.

3:04The exciting part about his announcement was that he's not only going to have a traditional movie studio, but also an AI-based studio as well. It kind of be the future, but kind of a futuristic type of movie studio at Bayou Phoenix. And then we announced our sportsplex operator, which is accompanied by the name of Eastern Sports Management. They run about, I think it's 12 different sportsplex facilities around the country. And we're going to partner with them to make sure that we're professionally running, professionally managing and attracting all of the tournaments that Bayou Phoenix will want to have. We also announced our partnership with Hank Aaron Sports, which will be part of the programming of the sportsplex. So there will be some college level sports going on as well at Bayou Phoenix. And then our final announcement was actually probably a surprise to most people because we really were looking for a hotelier, a water park operator, a family and attainment

4:08center as well as a clear water beach lagoon operator. And we searched high and low for firms that could do that. And we anticipated it being four different firms, but we were fortunate to find American Resort Management, and they were a tremendous company, and they will operate all four venues and already do that throughout the country. So that was a huge coup for us to get ARM on our team because now we can have a more integrated offering for our customers. So you can imagine if you got a wristband, you can get any hotel room, you can go into the water park, you can go into the clear water beach lagoon, you can go into the family and attainment center. All on one set of, you don't have to have this key or this badge or this, you know, for every different venue. And so we're excited about that for our partnership, some concern. We also laid out our financing strategy for the entire first phase of the project, which, you know, we are already embarking upon the $300 million that we will, the private side

5:13will be investing in this. And then we also made a request to the city to the government, I should say, as this is a public private partnership, what their role would be is providing a $50 million over the next two years of investment. And what that gives them in return, though, is one, two million visitors a year to the sportsplex alone, not including any of the leisure travelers. So imagine two million to our 18 million that we already get in tourism. That's a pretty nice little uptick. But then also we anticipate significant property values being able to return New Orleans East residents values back to pre storm values, which will be a tremendous uplift in property taxes for the city. So we think it's a pretty good investment for the city, state, as well as the federal government and their endeavoring to kind of fill that gap for us. I was looking at your financing sources. Are any of the anchor tenants investing in this project?

6:13So the anchor tenants are no, they're purely operators. We will be the owners. Early operators. By your Phoenix, by your Phoenix will be the owner of each of the venues. And so I know y'all right now are in the demolition phase. And I think there's a desire that y'all are going to know it's done already. Oh, yeah, it's awesome. Yeah. Yeah, it's done. It's what I was recent. A couple of structures that are still up because the studio wanted to maintain them. Like the Ferris wheel. I mean, Ellen Ross wants to use that as part of the movie studio and some backdrops for the, we're going to have an amphitheater there. Kind of like to get the, let's get the bowl out in California, but we'll have a comparable. Hollywood, Hollywood, there it is. And so the backdrop of the Ferris wheel actually will be part of that venue as well. So no, demolition is done, it's complete, you know, it turns. It's Charles Barkley here with Wayfair. Let me tell you,

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8:19pockets. So yeah, I traded them both in for fruity rainbow five hour energy shots. These little guys are as pocket sized as any candy. But instead of a sugar crash, you get a zero sugar caffeine boost. Candy can't even compare at this point. Fruity rainbow five hour energy shots treat your taste buds to an explosion of fruity flavor with a tasty caffeine kick. That's right caffeine just got a flavor upgrade and it's not just one flavor. Five hour energy shots bring you tasty caffeine and 17 flavors. 17. So if you're craving that candy flavored chaos, but actually want energy that works, grab fruity rainbow five hour energy shots, pocket sized zero sugar, big flavor available now at fivehourenergy.com or on Amazon. That will. So let's talk about phasing. How is this going to be done? I assume it's going to be done in phasing and what parts of this thing will be opening up

9:22first, second, third, fourth. We anticipate the movie studio will be first probably around the end of 27 is what's been done. It's one thing new and I forgot to mention is we're waiting on the facility condition assessment to be completed, which will give which will guide us to where we can place certain venues. Nora, New Orleans redevelopment authority has a company that is doing that for us and they will in turn that so things may move around from what was in our original master plan. They may move around because of where the slabs are located and where we want to put certain venues. So that's going to guide us somewhat, but the movie studio we anticipate being first, we expect the sports flex to be second. The sports effects will probably be somewhere between the first and second quarter of 28. The hotel and the water park are going to be a little bit longer. The family and attainment center, ARM has said that they want that attached to the water park so

10:24that kids can go from water park to FEC and back and forth all day long with their little wristband. So that'll kind of come all as one big construction project, probably towards the end of 28, early 29 is what we're looking at for the completion of the water park and the family and attainment center. When you look at your financing sources and uses of done consulting in my life and you always kind of look at that and there's always a piece or a part that you like. You know, we hope this happens. We pray that it happens because there's a lot of uncertainty and it's kind of the nature of the game. You've been there. You've done that. What are your thoughts about like, you know, with some of the public financing, especially with the city kind of being down and out in Beverly Hills right now? Are there assurances that they'll be able to make this type of commitment?

11:25Well, we have two worries that we have. No, then the first one is a worry that every new lenient has that we don't have a Katrina 2.0. That one's real thing off. That throws everything out of kilter. So that's number one. But the second one is the public financing over the next two years, the $50 million to be able to come up. We have a request into the capital outlay for the state right now that we think is going to get strong consideration, especially with the backing of the mayor and the council for by you Phoenix. So we think we'll get some from the capital outlay. We've already spoken to Congressman Carter and we're in fact, we have an application that's due on Friday for some federal dollars out of the Department of Interior that we feel good about as well. But the other thing that gives us a little bit of more comfort and undergirding is that the $400 million bond issuance that the city just had approved a little while ago. The mayor has

12:28the sole discretion to reallocate those dollars. So if there's something that was nice to have, that could get redirected to by you Phoenix, right now we have a $5 million slot in that $400 million that could be increased at sole discretion of the mayor. And so we think between those levers that are pullable by the mayor, the Congressman as well as the state in this legislative session, we're pretty comfortable that we can make over the next two years. That $50 million gap will get solved as well. Obviously, I think a number of folks are interested. Are there contingencies that you have if this financing doesn't come through? You know, because from my perspective, the worst thing could happen is that you don't succeed, right? I mean, because every time we go out on a big project like this and we make the announcements, we pull the national anchor

13:29partners and I was looking through your presentation and did some research on these partners. They're all strong partners. You know, you get this black eye. So folks ask about these contingencies if some of this doesn't work out from a financing perspective. You know, look, we, anything is possible. We don't think that that's a likely scenario, but anything is possible. I mean, even the 300 million that we will be undertaking, I mean, you know, like I said, it's Katrina 2.0, which get a heck out of any funder for that. But short of that, look, the beauty of that though, Troy and you would agree. I think, you know, the levies have been tested. So it's not like they're completely untested, right? I mean, but you never know. You might have a category six that's on, we never heard of a category. I don't even know if there's a category. Right, right, right. I'm not going to would, but I think so, you know, not that we've got the great wall of Shell Med or would have you

14:31that kind of protects Eastern New Orleans even even more. I think we're comfortable with that. So, you know, there are a myriad of different things that could go wrong. We don't see them as being being able to kind of kill the project. It may force some rescaling of the project or reprioritizing. You know, I mean, you know, we may have to move things out on a date or something like that. But with us, we think we're about 15 to 16 weeks away, probably 18 weeks away from the bulk of the financing that we'll do in debt and equity. And so once that is kind of done, the 50 million will, you know, we don't need it immediately, but we'd like to have some of that in place. But we've also got, but it makes it easier to get it, right? I mean, politics is politics, and everybody wants to make sure they're making a sound investment. So once you accomplish that, it certainly makes that ask a lot easier. We think so. We think so, but, you know, it's still,

15:34you know, it's a difficult environment. We know the city is from an operating dollars. We don't anticipate them doing much there. But from a bond in capital dollars, they do have that. And so we think that the city can solve that, especially when they do the economics. Look, I know it's a new administration. So I don't think there was enough carryover from the previous administration in this one. But when you look at the amount of property value anticipated property value increase in eastern New Orleans, again, my property hasn't achieved. I live in East over in New Orleans East, and my property is still not achieved as pretty strong value yet, whereas when we had jazz land versus not having it. So we think if you just take that across all of eastern New Orleans over the next, you know, 25 years of those property values, it's a pretty good investment for the city in New Orleans. So I think the bond dollars are what's going to be used primarily to kind of solve this. Not to make light of any of that, Troy. I was driving

16:35through the east last night and two-thirds of the lights were working. What do you say? This park that's being made out there, my friend. No, we need it. We need it. And more than half the lights on the high rise were working, which has that's been the first in a long time. That hadn't been around in a long time. Well, I gotta tell you, it felt good, but it felt good. Yeah, it felt so. It's coming. It's coming. I appreciate the efforts being made. It's coming. And we think by euphenix is going to be a tremendous asset to the east and to the city of the region, because there's not a real family destination. New Orleans has never been known as a family destination to the to the national world. And so we think that this will add and become part of the landscape in New Orleans that now families are even more comfortable bringing the kids to the city of New Orleans. It's not just an adult destination after this. Well, the sports economy is going strong. That's for sure across this country.

17:37People are looking for these destinations to go to. In fact, we're headed to Baloxie this weekend with our granddaughter, so we're in the midst of it and enjoy every second of it, but it's yeah, they're traveling all the way. I got a 12 and 13-year-old best-ballers and we travel all over the country and I look at the facilities. It's been good research for me, but yeah, it's it's a big business and parents don't mind spending on their kids, especially when they're out there doing something productive and not just sitting on their tablets, you know. And the easier you make it, the more they like you. That's for sure. Well, we're coming. It's coming, it's coming. Well, thank you so much for joining us today. Best of luck to you and we'll have you back on as y'all progress. That's Troy Handry by Uphanix developer. We'll be right back folks, 504-260-1870 on the Oakland Heart Joules talk and text lines. Stay with us. Have you or a family member been diagnosed with early-stage non-small cell

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