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Development Bonds

 

Current Projects
& Applications

           

Past Projects
 & Applications

      

On The Drawing Board

NOIDB PILOT APPLICATION

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FAQ
Frequently Asked Questions

NOTICES

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RFP - New Orleans East Redevelopment


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NOTICE OF MEETING CANCELLATION
OF THE BOARD MEETING OF THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF NEW ORLEANS

THE TUESDAY, DECEMBER 10, 2019 MEETING OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF NEW ORLEANS, LOUISIANA, INC. HAS BEEN CANCELLED.
YOU WILL BE TIMELY NOTIFIED IN ADVANCE OF THE NEXT MEETING WHICH IS CURRENTLY SCHEDULED FOR JANUARY 14, 2020


  RECENT PROJECTS:

Marrero Commons
(formerly B. W. Cooper)
Poydras Properties Hotel Holdings, LLC
Hyatt Regency-N.O.
313 Carondelet Complex
(Hibernia Tower)

The City of New Orleans and IDB recognize that our economy will only reach its full potential when all New Orleanians have the opportunity to participate. The way is in our front and we are committed to moving forward together!       -Mayor Latoya Cantrell

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WHAT IS THE IDB

The IDB is a non-profit public corporation authorized to be created in 1972 by the New Orleans City Council for the purpose of stimulating economic development and improving the business climate of New Orleans, through the issuance of tax-exempt bonds and by providing other incentives as may be allowed by Louisiana law. The directors of the IDB are residents and voters of the City of New Orleans, who are appointed by the City Council, with one appointment by the Mayor, to serve overlapping six-year terms on a completely voluntary basis with no compensation.


HOW THE IDB FUNCTIONS

The IDB performs its tasks principally through the issuance of revenue bonds that are payable solely from private funds of the developer. There is NO obligation to pay these bonds from any public source of funds. Additional incentives may be offered through the use of a "Payment-in-Lieu-of-Tax" (PILOT) arrangement whereby the IDB can effect a freeze or a reduction / abatement of property taxes by virtue of its status as an entity whose property is exempt from property taxes. PILOT incentives may include an abatement or partial reduction of property taxes for a period of years. The decision to support a PILOT arrangement and terms of each PILOT depend on a number of factors, including the economic benefits of the project such as employment, ultimate increased tax revenues, improvement of the quality of life and other economic benefits, which benefits may include, for example, improving a targeted area or facilitating the development of targeted needs of the City.

PILOTS GRANTED

With the exception of projects pursued by the City and/or the State and housing projects supported and promoted by HANO, very few projects have qualified for and have received a final contract providing a favorable PILOT arrangement. Although all projects coming before the IDB can ask for consideration of a favorable PILOT arrangement, only a small percentage of the projects that have come before the IDB have asked for, satisfied the strenuous requirements of the IDB for qualification, received a vote of approval from the IDB and accepted the clawback requirements to the extent necessary to actually receive a favorable PILOT arrangement. While the IDB welcomes consideration of favorable PILOT arrangements for worthwhile projects that provide a substantial positive return on investment, the IDB must be satisfied that the overall benefits received by the City from the project clearly exceed the costs of the incentive given to support the project.

MODEL

IDB follows the highly successful Louisiana Department of Economic Development in its processes for reviewing and granting incentives such as PILOTs. If a PILOT appears supportable, then the IDB engages highly qualified consultants, including a senior Economics Professor from a local university, to perform a "cost-benefit" analysis and a "return on investment" analysis of the proposed incentives package. The IDB Board considers in detail these reports, which include many factors, including job creation and specific economic impact on the locale of the project. The IDB then makes its final decision regarding the PILOT and its applicable terms.

SAFEGUARDS IN PLACE FOR CITY

There are a number of safeguards in place to protect the City in connection with PILOT arrangements. In addition to the "return on investment" analysis, there are "claw back" provisions (both financial and in terms of Orleans employment levels) included in the PILOT agreement. The financial “claw backs” are based on the pro forma financial statements submitted by the project developer to their lenders and partners. If a PILOT-enhanced project is approved based on an accepted need, and should the project be more successful than anticipated, (as determined by audited statements submitted annually by developers to the IDB), then the taxing bodies, including the City, may receive increased tax payments. The IDB also strongly encourages the use of Orleans Parish residents during the construction phase of each project (and as permanent employees once the project is placed in service). The value of the PILOT is reduced in the event that developers do not meet the represented Orleans employment levels of total construction phase employment. The IDB also encourages small and disadvantaged businesses to contact the IDB for participation, with the recognition that they must be able to secure adequate financing for their projects and have the experience to successfully complete their projects as submitted.

AUDITED FINANCIAL STATEMENTS

The IDB's financial statements are audited annually by a leading local CPA firm. The annual financial reports are available as a public record on the IDB’s website (www.kibbepoint.com).

WORKING RELATIONSHIPS

The IDB is working with the New Orleans Business Alliance, the Mayor's Economic Development Office and other economic development entities and partners to outline policies and guidelines that are intended to become a standard for all who wish to invest in the City. The IDB strives for New Orleans to be more competitive in order to foster recovery and strengthen the economic base and job opportunities for the City.

The IDB may be contacted through Ms. Sharon Martin, Administrator, at the IDB office. 658-4242.

Alan H. Philipson, President
Industrial Development Board of the City of New Orleans, Inc.

* The IDB Announces More Than $700 Million Remaining In Gulf Opportunity Zone Bonds For Economic Developments in Orleans Parish

Contact Us:
Sharon Martin - Administrator
Industrial Development Board of the City of New Orleans
1340 Poydras Street, Suite 1114
New Orleans, Louisiana 70112
Telephone: 504 658-4242 ? FAX: 504 617-6514
E-mail: mail@idbcno.com
Mail To:

P.O. Box 19996
New Orleans, Louisiana 70179
 


SIX FLAGS APPRAISAL

ENVIRONMENTAL SITE ASSESSMENT


2012-2014 REPORT
 


APPLICATION


AUDIT REPORTS


CITY OF NEW ORLEANS

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