Provides for an economic development district in the city of Baton Rouge. (8/1/20)
Impact
The district's establishment grants it substantial powers to conduct various functions essential for local economic development. It is authorized to levy taxes, incur debt, and enter into contracts and agreements to further its objectives. Furthermore, properties owned by the district are exempt from all local taxes, which could incentivize investment within the district. However, this exemption lapses when the property is sold to a non-public entity, which could lead to funding challenges in the future.
Summary
Senate Bill 438, also known as the Harding Boulevard/Scenic Highway Economic Development District Act, establishes a special economic development district in Baton Rouge. The primary purpose of this bill is to facilitate cooperative economic development between the district, local government, and property owners within its boundaries. The district is specifically tasked with addressing infrastructure costs and is authorized to create funding mechanisms such as tax increment financing to support development projects within the area.
Sentiment
The sentiment surrounding SB 438 appears to be generally supportive among stakeholders focused on economic growth and improvements in infrastructure within Baton Rouge. Proponents argue that the bill will promote job creation and attract new investments in the region, leading to long-term economic benefits. However, concerns have been raised about the extent of local governance and oversight, particularly regarding how decisions will be made concerning the district's use of taxpayer money and the administration of its powers.
Contention
Notable points of contention include the governance structure of the district, which involves a board made up of influential local leaders and stakeholders. Critics may voice concerns about potential conflicts of interest or a lack of public accountability. Additionally, while the bill empowers the district to manage significant funds for public projects, there are fears that reliance on tax increment financing could divert critical resources from other local initiatives or lead to a misallocation of public funds.
Provides for boundaries, board membership and tax authority of the Baton Rouge North Economic Development District and a hotel occupancy tax in East Baton Rouge Parish. (gov sig)
Authorizes the creation of cooperative economic development districts affiliated with Southern University and Louisiana State University in East Baton Rouge Parish. (gov sig) (EN SEE FISC NOTE GF RV See Note)
Establishing the Pike reservoir project district act to provide for a lake and related commercial and residential development in Bourbon county and authorizing a governing board and sales and property tax increment financing for such project.