Establishes the Juban Crossing Economic Development District Fund as a special fund in the state treasury and provides for the disposition of certain sales tax proceeds within Livingston Parish. (7/1/13) (EN DECREASE GF RV See Note)
Impact
The implementation of SB 50 is expected to have a significant impact on local economic development efforts in Livingston Parish. By creating a dedicated fund for the Juban Crossing Economic Development District, the bill aims to enhance local infrastructure, promote economic growth, and support construction-related activities. The special fund is designed to ensure that funds can be effectively allocated for necessary public improvements, thereby facilitating development that aligns with community needs.
Summary
Senate Bill 50 establishes the Juban Crossing Economic Development District Fund within the state treasury, specifically focused on managing the distribution of certain sales tax revenues generated in Livingston Parish. The bill outlines the process of depositing sales tax revenues into this special fund, which will be appropriated by the state legislature for various infrastructure projects linked to the district's development plans. Furthermore, the bill specifies that the total state's funding commitment will not exceed forty-five million dollars.
Sentiment
The sentiment around SB 50 appears to be favorable, particularly among local business stakeholders and development advocates who see the potential for economic stimulation through improved infrastructure. The exclusive focus on a specific district suggests a targeted approach to economic development, which may lead to greater investment interest. While there may be some concern over how funds are managed or allocated, overall support seems to outweigh dissenting opinions.
Contention
Notable points of contention may arise regarding the management and oversight of the fund, particularly about ensuring that the allocated funds are used efficiently and transparently. Critics may also question the implications of funneling state tax revenues into a single district's development versus a more broad-based approach that benefits various areas across the parish. Additionally, the limitations on funding – specifically the cap of forty-five million dollars – could provoke discussions about future investment needs and sustainability of the district's growth initiatives.
Establishes the Juban Crossing Economic Development District Fund as a special fund in the state treasury and to provide for the disposition of certain sales tax proceeds within Livingston Parish. (7/1/12) (EN DECREASE GF RV See Note)
Dedicates the proceeds of the state sales tax collected on hotel rooms in Grant Parish to the Grant Parish Economic Development Fund (EN -$5,000 GF RV See Note)
Dedicates the proceeds of the state sales tax collected on hotel occupancy tax in Grant Parish to the Grant Parish Economic Development Fund (OR -$5,000 GF RV See Note)
Creates the Thomas H. Delpit Area Special District in the parish of East Baton Rouge and grants it certain TIF and tax authority to finance economic development projects within the district. (7/1/10) (EG DECREASE GF RV See Note)
Provides for certain funds in the state treasury and the powers, duties, functions, and responsibilities of the Dedicated Fund Review Subcommittee of the Joint Legislative Committee on the Budget. (See Act) (EN SEE FISC NOTE GF RV See Note)
Provides for appropriations from the St. Martin Parish Enterprise Fund to be made to the St. Martin Parish government for tourism and economic development. (gov sig) (EN NO IMPACT SD RV See Note)