Louisiana 2022 Regular Session

Louisiana Senate Bill SB475

Introduced
4/5/22  
Refer
4/6/22  
Refer
4/6/22  
Report Pass
4/11/22  
Report Pass
4/11/22  
Engrossed
5/17/22  
Refer
5/18/22  
Refer
5/18/22  
Report Pass
5/19/22  
Enrolled
6/6/22  
Chaptered
6/18/22  
Passed
6/18/22  

Caption

Creates the Baker Main Street Economic Development District as a special taxing district. (8/1/22)

Impact

The creation of the Baker Main Street Economic Development District as outlined in SB 475 allows the district to impose taxes on hotel occupancy and sales within its boundaries. This tax revenue can then be utilized for financing improvements and development projects that will benefit the local economy. The district's governance mechanism is structured to ensure that local stakeholders, including property owners and government representatives, have a voice in its administration. This model is anticipated to align economic initiatives with community interests, potentially leading to enhanced investment and job creation in the area.

Summary

Senate Bill 475 establishes the Baker Main Street Economic Development District in East Baton Rouge Parish. The bill aims to promote economic growth within the district by allowing for the levy of specific taxes and enabling the issuance of bonds that are secured through these tax revenues. It is designed to facilitate cooperative economic development among local businesses, property owners, and government entities, thereby enhancing the Central Business District of Baker. The overarching goal of the bill is to revitalize the local economy through strategic financial tools.

Sentiment

The sentiment around SB 475 appears to be generally positive, focusing on the potential for economic revitalization and increased community engagement. Supporters of the bill argue that the establishment of a special taxing district can help address the financial needs of the Baker community while fostering an environment conducive to new businesses. However, as with many economic development initiatives, the success of this bill may rely heavily on its implementation and the ability of the governing board to effectively manage the resources and community expectations.

Contention

Notable points of contention may arise regarding the taxation authority granted under the bill. Critics could voice concerns about the additional tax burden on local businesses and the implications for existing taxes in the area. Moreover, the long-term sustainability of the district and its projects could be questioned, particularly if initial projections for tax revenues do not meet expectations. The potential for mismanagement of funds is also a concern that could influence public perception and support for the district's initiatives.

Companion Bills

No companion bills found.

Previously Filed As

LA SB716

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)

LA SB250

Provides for the boundaries and governance of the Opelousas Downtown Development District and authorizes the district to create economic development districts. (gov sig)

LA SB438

Provides for an economic development district in the city of Baton Rouge. (8/1/20)

LA HB1074

Creates the North Baton Rouge Economic Development District in East Baton Rouge Parish

LA SB237

Creates the Sagefield Crime Prevention District in East Baton Rouge Parish. (8/1/22)

LA SB227

Creates the Plank Road Economic Development District in East Baton Rouge Parish. (gov sig)

LA HB960

Creates the North Lake Charles Economic Development District

LA SB227

Creates and provides for the Bethany Convention Center Development District in East Baton Rouge Parish. (gov sig)

LA SB241

Creates an Economic Development District in Leesville, Louisiana. (gov sig)

LA SB476

Provides for a change in boundaries and governance of the Baton Rouge North Economic Development District. (gov sig)

Similar Bills

NM SB303

Tax Increment Development District Changes

NM HB310

Tax Increment Development Dist. Changes

NM SB178

Special District Elections & Taxes

NM SB293

Housing Study For Some Development Projects

SD HB1194

Clarify provisions pertaining to tax increment finance districts.

LA SB227

Creates and provides for the Bethany Convention Center Development District in East Baton Rouge Parish. (gov sig)

LA HB761

Authorizes certain municipalities to create tax increment financing districts

LA SB412

Authorizes creation of special districts within certain cities and provides for the governance and the powers and duties of the district, including tax increment finance authority. (gov sig)