▸ The gist: The city and parish councils have another slow night scheduled for their meetings on Feb. 4 with a smattering of housekeeping. The only big items on the agenda are two resolutions to approve restoration tax abatements for redevelopment projects.
▸ Tax breaks. There are two resolutions on the agenda to approve requests for restoration tax abatement. This state program allows owners to invest in restoring their properties without having to increase their property taxes for a period of time because of the increased value of their restored property.
- University Place Apartments. These apartments were purchased for $12.5 million by Alpha Capital Partners of Pennsylvania through its Opportunity Zone Fund last year. The plan is to invest $7.5 million in renovating the interior and exterior of this building. If approved, this five-year restoration tax abatement would mean that this property will forego generating an additional $564,995 in property taxes.
- Park Place Surgery Center. This property was purchased for $4.1 million by local investment group Imperial Property Holdings last year. The plan is to invest $5 million in renovating and expanding the building for a new surgery center. If approved, this five-year restoration tax abatement would mean that this property will forego paying an additional $675,995 in property taxes.
If both are approved, over the next five years LCG will be giving up more than $1.2 million in additional property taxes. Both projects were announced last year as moving forward with no mention of the need for potential restoration tax abatements to be financially viable.
▸ A new Professional Services Review committee. This five-member committee reviews and recommends approval of contracts with LCG. The amended chartered required a reconfiguration of the committee. Each council will nominate one member, both to serve through the end of 2023. The mayor-president has one appointment, and the other two seats are taken by the public works director and the utilities director.
▸ An intergovernmental agreement to give city fire department equipment to parish fire protection. This agreement allows the parish to use 10 outdated radios that the city fire department isn’t using anymore. But determining how the parish is allowed to continue using city equipment given the split councils is an issue that will need to be addressed moving forward.
▸ Donating adjudicated properties to Holy Family School. The two properties in question are at 139 S. Bienville St. and 213 S. Bienville St.