Provides with respect to the Ernest N. Morial New Orleans Exhibition Hall Authority (EN +$71,650,000 LF EX See Note)
Impact
The proposed amendments in HB 788 would significantly reinforce the Authority's ability to finance improvements, which could lead to more substantial investment in the region. The bill will enable the Authority to raise necessary funds for various phases of its development projects, as well as bolster the Convention Center's capacity to host larger events, thereby potentially increasing tourism and related economic activities. This redevelopment aims to make New Orleans a more competitive destination for conventions and exhibitions.
Summary
House Bill 788 aims to amend and expand the powers of the Ernest N. Morial-New Orleans Exhibition Hall Authority by allowing it to issue bonds to finance multiple expansion projects at the Convention Center. These expansion projects include significant infrastructure upgrades and the development of facilities like exhibition spaces and a riverfront festival park. The bill reflects a strong intent to promote economic growth and development in New Orleans, emphasizing the importance of enhancing the Convention Center as a venue for events and tourism.
Sentiment
The sentiment surrounding HB 788 appears largely positive amongst its supporters, including local business and tourism proponents who view this expansion as a necessary investment in the city’s infrastructure. However, concerns may arise regarding the potential burden of debt associated with the bonds issued and the management of the expanded facilities. Overall, there seems to be a recognition of the need for revitalization and enhancement of New Orleans' economic landscape.
Contention
Though the bill has supportive momentum, debates may arise around fiscal responsibility and the prioritization of public funds. The ability of the Authority to issue negotiable bonds may lead to scrutiny regarding the financial implications of such expansions, especially if the bond repayments rely on variables like tourism and event attendance, which can fluctuate. Additionally, any concerns regarding the maintenance of existing standards and obligations towards the community might also be points of contention.
Provides relative to the taxing authority and bonding capacity of the Ernest N. Morial-New Orleans Exhibition Hall Authority (OR DECREASE LF RV See Note)
Provides relative to taxes levied by the Ernest N. Morial-New Orleans Exhibition Hall Authority and by the city of New Orleans (OR SEE FISC NOTE LF RV)
Provides for an additional member to the board of commissioners of the Ernest N. Morial - New Orleans Exhibition Hall Authority. (See Act) (EN NO IMPACT LF EX See Note)
A resolution to direct the Clerk of the House of Representatives to only present to the Governor enrolled House bills finally passed by both houses of the One Hundred Third Legislature.