Creates the Hotel Francis District within the town of St. Francisville
Impact
By establishing the Hotel Francis District, the bill modifies local fiscal authority and introduces a framework for generating additional revenue through specific local taxes. The district has the power to levy a hotel occupancy tax and a food and beverage sales tax, which are additional to existing local taxes. Importantly, the district will be governed by a three-member board appointed by local authorities, ensuring that tax proceeds are directly managed within the community for its development objectives and needs.
Summary
House Bill 267 aims to create the Hotel Francis District within the town of St. Francisville, Louisiana. This new special taxing district is intended to foster cooperative economic development through the redevelopment of blighted property, converting it into a conference-style hotel and related facilities. The legislation provides specific powers to the district's governance, allowing it to levy taxes, issue bonds, and utilize tax increment financing, which is designed to generate funds necessary for development projects within the district.
Sentiment
The sentiment surrounding HB 267 appears to be generally supportive among local stakeholders who view it as a significant opportunity for economic revitalization in St. Francisville. However, those opposed may raise concerns about the implications of tax increases and the long-term commitment of financial resources to the district. Overall, there is a shared anticipation that the bill's passage will enhance local infrastructure and economic prospects, although it is balanced by caution regarding tax impacts.
Contention
Notable points of contention include the financial burden of new taxes on residents and local businesses versus the potential for economic growth through the development of tourism and hospitality sectors. The creation of the district could also lead to debates regarding accountability in the governance of the board and the efficacy of the proposed projects, weighing local short-term costs against perceived long-term benefits. Stakeholders are expected to monitor how these dynamics unfold as the district evolves.
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)
Creates the North Lake Charles Economic Development District and provides relative to the Southside Economic Development District of the City of Monroe