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.”
If all 44 projects are approved, about $300 million would remain in the fund set up as a down payment to help the Gulf.
Last week, the Saints gave up 429 yards to Seattle, second most in a game this season.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Friday, December 06, 2013
Since Anthony Jennings and Brooks Haack were not expected to contribute until next year at the earliest, it seemed like a sneak peek at hidden Christmas gifts.
Louisiana National Guard personnel seeking benefits for same-sex spouses will have an easier time filing the requests, despite a state refusal to let its workers process the paperwork.
Panthers coach Ron Rivera sees one potential flaw with his team's stellar defensive play so far this season. "Apparently we like to bite on the double moves," Rivera said.
Computer hackers may have gained access to the personal information of thousands of Louisiana residents who use debit cards issued by JPMorgan Chase for three state agencies, authorities said Wednesday.
Jim Purcell, who has been in the job since February 2011, notified the Board of Regents about his decision at its monthly meeting.
Hushed plans for a commercial development along the Louisiana Avenue portion of the Holy Rosary campus put the future of longtime tenant EarthShare Gardens in jeopardy.
If a recent advertisement in The Daily Advertiser is any indication, speculation the local daily will be implementing the “Butterfly Project” could be more of a reality than the Gannett-owned paper’s top execs are willing to admit.
Mettenberger injured his left knee while unloading a 32-yard completion in the fourth quarter of No. 14 LSU's 31-27 victory over Arkansas last Friday, and LSU coach Les Miles confirmed the severity of the injury on Wednesday.
An ordinance to phase out a 2 percent rebate to Lafayette merchants for collecting and remitting on time sales taxes cleared the City-Parish Council by a 6-3 vote.
Louisianans are the fourth most likely to use profanity yet also the fourth most likely to be courteous. So, please, just kiss my a** ... if it’s not too much trouble.
The state Coastal Protection and Restoration Authority voted Tuesday to authorize two lawsuits against the U.S. Army Corps of Engineers.
A long night on the field in Seattle got even worse off of it, and now the Saints are operating on a compressed time-frame as they brace for surging Carolina with first place in the NFC South at stake.
Public school letter grades, teacher evaluations and student promotion won't be affected by Louisiana's shift to more rigorous educational standards for two years, the state's top school board decided Tuesday.
Vitter told The Associated Press that he is sending an email to supporters Wednesday and is in discussions with his family about the possibility.
The Ragin' Cajuns go for New Orleans Bowl three-peat, this time against the Tulane Green Wave, which is making its first postseason appearance since the Hawaii Bowl in 2002.
Louisiana has joined four other states in filing a so-called “friend of the court” brief in support of Mississippi’s lawsuit against the federal government over new flood insurance rates set to go into effect.
Kerry Wayne Bertrand was charged Monday for the alleged killing of his stepdaughter, Skylar Lee Credeur, a UL Lafayette chemistry major found dead in the bathtub of her family home in August.
Louisiana's state school board is considering a two-year delay for some consequences tied to the phase-in of more rigorous educational standards, called Common Core, at public schools.
The most anticipated game in the NFC this season was a laugher.
The attorneys for Busted in Acadiana administrator Chris Hebert got an extra 2.5 months Monday to prepare for their client’s felony trial, marking the third time the case has been delayed this year.
In an effort to ease tensions, Lafayette Parish Superintendent of Schools Dr. Pat Cooper is calling for board approval of two day-long workshops: one to address lingering questions caused by Act 1 of the 2012 Legislature, and a session focused on mending the tattered relationship between the board and administration.
Lafayette has so much going for it, and so much yet to do.