Currently, 302 Jefferson Street LLC owes the local economic development corporation more than $2.3 million on the property. In June of 1993, the state Division of Administration donated the property, at the corner of Jefferson and Vine streets, to LNEDC. In the Act of Donation, dated June 1993, the value of the property is listed as $45,900. Six months later, in December, 302 Jefferson Street LLC signed a $1.2 million deferred mortgage agreement with LNEDC on the property. Essentially, LNEDC turned the property over to HRI to redevelop as low income apartments. HRI was able to obtain and sell approximately $5 million worth of tax credits through the Louisiana Housing Finance Agency to fund the renovation expenses. (The tax credits were purchased by Premier Bank, which is now Chase.) It qualified for the tax credits by addressing both downtown historic restoration and affordable housing needs.
The mortgage stipulated that HRI would manage the property and pocket all revenue from the apartments for a 15-year period — later amended to 16 years — at which point HRI, or 302 Jefferson Street LLC, would have the option of purchasing the property. Because the purchase price agreed to now totals approximately $2.36 million — a $1.2 million mortgage balance and $1.16 in additional interest accrued at 6 percent a year (HRI also paid a $50,000 sum up front) — most expected the property would eventually revert to LNEDC. The note matured March 1 of this year.
LNEDC Board President Joe Dennis says his organization is interested in taking over the property and also in moving management of the building away from HRI and over to C.S. Management Inc., a local firm that is already handling LNEDC’s other property, Sterling Grove Apartments. Dennis added that any profit generated from the apartments would help fund LNEDC’s small business loans.
Abbenante, meanwhile, is still optimistic HRI will keep some stake in the property.
“We love the property,” Abbenante says. “We love the residents and what’s happened down there. Fifteen years ago, that was kind of a barren end of town, and look how vibrant it’s become now. And our residents I think are part of that. We’re happy to have been a part of it for 15 years and hope we get the opportunity to stay with it.”
The Lafayette superintendent insists the budget is illegal and vows to fight on.
"I am not a scientist," Senate Republican Leader Mitch McConnell has said numerous times, a response that other members of his party have parroted.
Republicans are running strong races against endangered Democratic incumbents in states such as North Carolina, Colorado, Arkansas, Louisiana and Alaska. Republicans are also looking to replace retiring Democrats in Iowa and West Virginia with a GOP lawmaker.
Republican congressman Vance McAllister is trying to make up to Louisiana voters for getting too close to a married former employee.
You may not like all of “it,” but U.S. Sen. Mary Landrieu, unlike many of her colleagues, isn't sitting around twiddling her thumbs in Congress.
Saints safety Kenny Vaccaro says he "can't wait" to play against Green Bay quarterback Aaron Rodgers.
The heat keeps rising for Iberia Parish Sheriff Louis Ackal as a new slate of corruption allegations surfaced this week.
If opposing defenses sell out to stop the Packers' passing game, they risk being gashed by powerful running back Eddie Lacy, a New Orleans-area native.
At the horn the officiating crew trotted to the tunnel and left security personnel to clean up after them.
Friday's Blogs from the Bog!
Sign "ninjas" cleaning up clutter; NYC doctor positive for Ebola; Ferguson grand jury decision nears; and more national and international news for Friday, October 24, 2014.
We can safely assume incumbent Chief K.P. Gibson isn’t too worried about this challenger.
Nationally, Republicans must gain six seats to win Senate control. The most competitive races, many in states where Obama lost in 2012, remain too close to call.
The Baton Rouge Republican has repeatedly battled a perception within his own party that he perhaps wasn't the best choice to carry the GOP banner.
Even if Jimmy Graham's production dips while the star tight end recovers from a shoulder injury, it looks like Drew Brees won't have much trouble finding other targets.
A former campaign manager for Senate candidate Rob Maness is striking at the Republican contender's tea party support, saying Maness only sought to appeal to conservative organizations because he needed money for his campaign.
Ninety-two percent of public school teachers were rated either effective or highly effective in a report the state issued marking the second year of a new statewide evaluation process.
School board members Mark Babineaux, Hunter Beasley and Tehmi Chassion can vote to fire Cooper — because we all know that’s exactly what they’ll do.
District 2 school board candidate Simon Mahan is hoping to unseat first-term incumbent and former Carencro Mayor Tommy Angelle in the Nov. 4 election.
District Attorney Mike Harson is showing his desperation by falsely attributing quotes to his opponent and blocking journalists from his social media.
The governor is traveling the country laying the groundwork for a possible 2016 presidential campaign, but his approval ratings at home hover well below 50 percent.
State District Judge Bob Downing extended the order and delayed a planned Wednesday hearing about a permanent injunction while negotiations continue between Attorney General Buddy Caldwell and the waste disposal site operator.
New Louisiana higher education commissioner Joseph Rallo will be paid more than his predecessor.
Elijah McGuire and Alonzo Harris each had four rushing touchdowns, and Louisiana-Lafayette rolled to 419 yards on the ground in a 55-40 victory over Arkansas State on Tuesday night.
Bill and Hillary Clinton are the validators-in-chief for Democrats struggling through a bleak campaign season in states where President Barack Obama is deeply unpopular.