El Paso is asking to lease the old Logan’s Roadhouse restaurant on Ambassador Caffery Parkway.
El Paso’s proposal to lease the building is on tonight’s Lafayette Parish School Board meeting agenda.
The property and building is owned by the school system, as it is what is known as “Section 16” land. These properties were set aside a long time ago by state law to provide for public education in the future. The property on Ambassador Caffery is much too small for a school, but it has a valuable location and has been leased by the system for decades for commercial uses.
“El Paso plans to invest a significant amount money renovating the site to a functioning restaurant. All improvements to the building become the property of LPSB when the lease ends. El Paso has also agreed to assume all maintenance and future repairs of the building and parking lot,” the agenda item states. “To help offset the El Paso investment and time needed to renovate the site, El Paso is asking for a year with no rent followed by five years with a monthly lease payment of $8,000. The second five year renewal term would $9,000 a month and the third five year renewal term would be $10,000 a month. Each subsequent five year renewal would increase $1,000 a month. The former tenant on this site was paying $7,500 a month.”