October 25th, 2013
Thursday, November 7th read more
It’s Friday, October 24 and 4:30am in Downtown New Orleans.
On Thursday, July 7, Louisiana Governor Bobby Jindal signed a bill that will extend the State Historic Tax Credit, a program that provides significant financing incentives for major historic redevelopment projects. The Downtown Development District of New Orleans introduced the idea to expand the program in 2005 and has been a leader in educating policymakers on the importance of extending the program through 2016. In pushing for the expansion of the program in 2005, the DDD had high expectations for how it would stimulate and facilitate development Downtown and throughout the state. In six years, the program has lived up to those expectations, resulting in more than $500 million of investment in Downtown New Orleans alone.
The DDD worked with a broad coalition of downtown authorities, Chambers of Commerce, a developers consortium and the City of New Orleans in educating lawmakers on the significant benefits of the program, including its ability to move vacant properties back into commerce, create jobs, create new state and local tax revenue, provide a high return on investment for the State, stimulate preservation spending and preserve culture.
“We are extremely grateful to Governor Jindal, Senator Murray, Representative Leger, their colleagues in the legislature and Mayor Landrieu for their support of historic restoration projects in Downtown New Orleans and throughout the state,” says DDD President & CEO Kurt Weigle. “This program is absolutely essential to continuing the rate and level of development we are seeing Downtown right now.”
The program provides income and franchise tax credits worth up to 25 percent of the cost of restoration projects in downtown development and cultural products districts throughout the state.Read the full article at www.nola.com
Downtown is the largest employment center in Louisiana with 62,000 jobs
New Orleans has 3rd fastest wage growth in the USA CareerBuilder.com
Downtown's Arts District is home to 18 art galleries and 5 museums.
Downtown's population has doubled in the past 10 years to 5,100 residents. It is expected to double again by 2020.
New Orleans listed as 1 of 5 safe havens to ride out the recession Christian Science Monitor
New Orleans named a 2009 American Fast City Fast Company
$3.4 billion invested Downtown since 2005
New Orleans named one of the 15 Coolest North American Cities MSN Travel