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.”
Law enforcement agencies are participating in a "Louisiana Heroin Summit," designed to address the recent rise in heroin use and drug-related deaths around the state.
State education officials are preparing to release performance scores for public schools and public school districts.
Saints coach Sean Payton is starting a new week by emphasizing, repeatedly, the many good things he noticed during New Orleans' latest loss.
Tuesday's Blogs from the Bog!
Oscar de la Renta dies; Pistorius sentenced; World Series begins and more national and international news for Tuesday, October 21, 2014.
We will be offering our recommendations on the constitutional amendments tomorrow.
The justices did not comment in leaving in place lower court rulings that dismissed the lawsuits against BP and other companies involved in the worst U.S. offshore oil spill.
White registration is down by 7,700 voters while black registration has shot up by 7,100 voters.
Even though it had been rumored for months, U.S. Sen. Mary Landrieu finally pulled the trigger recently on a major campaign shakeup that moved control over to a few Big Easy insiders.
Louisiana's health department says it will seek law changes to stop billing sexual assault victims for exams and tests.
It wasn’t the historic slashes to higher ed funding or the ensuing tuition spikes that recently had LSU’s student body and faculty riled up in collective outrage.
Will $400 be enough for the re-election campaign of LPSB's Hunter Beasley to overcome two years of holding our school system hostage and hurting the education of our children all because of a personal dislike of the superintendent?
Saints tight end Jimmy Graham said Friday he expects his playing status in Detroit to be decided by coach Sean Payton on Sunday, shortly before the game.
Lawmakers have sidestepped a decision on whether they accept claims from Gov. Bobby Jindal's administration that the state closed last year's books with a nearly $179 million surplus.
Coming off the high of a fourth quarter comeback against Tampa Bay and a helpful bye week, linebacker Junior Galette sees a real turnaround coming for New Orleans' struggling defense.
Former President Bill Clinton, the Democratic Party's most popular surrogate this fall, is heading to Louisiana early next week for a campaign rally with U.S. Sen. Mary Landrieu.
Time and again you hear people say DA Mike Harson is unbeatable because he's doled out political favors over the past 20 years. But a new lawsuit could end that speculation.
After the season's signature win (so far), here are some helpful tips for Cajun Nation during the conference stretch.
Did the state close last year's books with a surplus or a deficit?
Practicing without limitations on Wednesday, running back Mark Ingram looked ready to return to a New Orleans offense that once again ranks among the NFL's best when the Saints play at Detroit on Sunday.
It’s been decided: Superintendents of Louisiana’s public school system will retain the controversial powers granted by Act 1 of the 2012 session.
Louisiana Treasurer John Kennedy has a bone to pick with the Jindal administration, which recently — surprise! — announced that the state ended the most recent budget year with a $178.5 million dollar surplus.
The messaging battle, however, isn't tied to individual campaign accounts. Third-party groups have poured millions of dollars into advertising.
With her political future in jeopardy, Sen. Mary Landrieu is turning to a natural constituent base in her re-election bid.
Terrance Broadway threw for a touchdown and rushed for 113 yards to lead Louisiana-Lafayette to a 34-10 victory over Texas State on Tuesday night.