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 Board of Elementary and Secondary Education has stalled action on a $3.5 billion annual school funding formula due to state lawmakers by March 15.
The New Orleans Saints have yet to make it official as of this writing, but popular wide receiver Lance Moore has reportedly been cut by the team to free up salary-cap space on the roster.
While two medical marijuana bills are slated for the upcoming legislative session, what some Louisianans might not know is that the plant was approved for therapeutic use by state lawmakers in 1991.
The agenda is shaping up to be lighter than in previous years. But Jindal is term-limited, with fewer than two years remaining in office, and he saw his last big initiative — a proposed rewrite of Louisiana tax law — collapse without getting a vote in 2013.
Sharper has been held without bail because of an arrest warrant issued by Louisiana authorities accusing him and another man of raping two women.
Here's your daily look at late-breaking national and international news, upcoming events and the stories that will be talked about Friday, March 07, 2014:
Two Lafayette men have been revealed by police as the infamous duo behind a caper that shook our fair city to its core.
The Lafayette Parish School Board has received a second letter of demand related to last year’s insurance debacle, this time from Key Benefit Administrators claiming it’s owed $93,000 from the school system.
The Louisiana coastline is vanishing faster than mappers can keep track.
A bill that would have overridden local ordinances prohibiting public and private employers from discriminating against lesbian, gay and transgender people has been pulled within less than a week of being filed.
The panel that selects nominees for a controversial New Orleans area flood control board — a board that is suing more than 90 oil, gas and pipeline companies — is set to discuss legislation affecting its independence.
State prison officials cannot keep secret the seller and manufacturer of the two drugs purchased for executions at the Louisiana State Penitentiary, a federal judge ruled Wednesday.
State lawmakers will not appeal a judge's ruling that it was improper to use $3.7 million from a probation and parole officers' retirement fund to balance the state's operating budget.
Conservatives have been losing their minds over this satirical bit on the Colbert Report.
The Lafayette Parish School Board leaves a lot to be desired, but is scrapping the election process in favor of an appointed board the answer?
The House approved legislation Tuesday night to roll back a recently enacted overhaul of the federal flood insurance program, after homeowners in flood-prone areas complained about sharp premium increases.
The NFL has formally designated New Orleans' Jimmy Graham as a tight end for the purposes of his franchise tag value, which is now set at $7.05 million next season unless Graham and the Saints subsequently agree on a long-term deal.
A federal appeals panel ruled Monday that businesses don't have to prove that they were directly harmed by BP's 2010 Gulf Of Mexico oil spill to collect settlement payments.
The Louisiana Department of Transportation and Development has closed Interstate 10 from I-49 in Lafayette to Seigen Lane in Baton Rouge.
Jim Bernhard, who engineered the sale of The Shaw Group for $3 billion, recently has told several people involved in Democratic politics that he intends to run for governor in 2015.
A New Orleans levee board wants to hold the oil and gas industry accountable for decades of damage to our state’s coastline, but the Legislature may be poised to put the kibosh on the suit.
New standards curb elective induction
CVS stops tobacco sales
If an Acadia Parish fiddler misses a note while swatting a fly, will a St. Martinville accordionist learn “Ma ‘Tite Fille”?
(It's good, it's bad and it's just crazy)