The troubled Acadiana Outreach Center hopes the Lafayette Public Trust Financing Authority will keep its Joie de Vivre project alive.
Still reeling from gross mismanagement at its Abbeville treatment facility and loss of outside funding sources, Acadiana Outreach Center is looking for a lifeline for Joie de Vivre, a $16.5 million mixed-use, affordable housing development near downtown.
“Because of the dire straits our prior management left us in, we’ve reached the end of the road,” says AOC board member Bo Billeaud. At a 1 p.m. meeting today, Billeaud will make a brief presentation to the board of the Lafayette Public Trust Financing Authority, requesting that it acquire AOC's interest and other assets in the vicinity of the project. The meeting will be held at Lafayette Consolidated Government's building at 705 W. University Ave. on the second floor.
Joie de Vivre is being partially funded by federal low-income housing tax credits that will be sold to private investors. Those tax credit investors, who would own 99.99 percent interest in the project with AOC owning .01 percent, have requested additional backers or a new sponsor because of AOC’s problems. In the absence of that, it will require AOC to post a half million dollar performance bond, Billeaud says, which is not an option.
LPTFA already has an interest in Joie de Vivre, as it loaned the project $1 million. One potential attraction for LPTFA, a public trust organized under the laws of the state and established for the benefit of the city of Lafayette, is a $1.9 million development fee, which it would share with the project consultant, presumably its former board member Greg Gachassin.
LPTFA is nearing completion on a similar project it spearheaded, the $10 million Cypress Trails apartment complex in north Lafayette.
Joie de Vivre, located in the Mills Addition near downtown, was supposed to break ground in September and be finished next year. Though most residents in the area have spoken out publicly in favor of the project, it has met significant resistance from some neighbors.
Without LPTFA's help, the project may be dead, Billeaud says. "Unless we have a guardian angel come in."
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.