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 City-Parish Council will consider on Tuesday a revised plan to the transform a block in Downtown Lafayette into a mixed-use residential-retail-commercial development that doesn’t include giving title to the property to the Lafayette Public Trust Finance Authority, an arrangement the council rejected earlier this month.
Trying to combat the national undertones of Louisiana's U.S. Senate race, Democratic incumbent Mary Landrieu is traveling the state this week on a sort of pork celebration tour, telling voters about the projects and aid she's delivered to Louisiana.
Ever thought that big, pink Gulf coast shrimp you ordered at the restaurant or bought from the store didn't taste juicy or salty enough? Maybe it wasn't from the Gulf.
The state treasurer won't sign financial documents needed for $200 million in borrowing or for a refinancing of existing debt until he believes they accurately explain the surplus disagreement.
Bill Cassidy voted for 97 percent of the bills signed by Barack Obama.
Louisiana Gov. Bobby Jindal is joining South Carolina Gov. Nikki Haley on her campaign bus tour.
A New Iberia man has been sentenced to life in prison for killing a 4-year-old girl and scalding her 3-year-old brother.
A district judge decided Wednesday against sanctioning attorney/school board candidate Dawn Morris for her behind-the-scenes role in a lawsuit against Mark Cockerham.
Secretary of State Tom Schedler says Gov. Bobby Jindal's administration may have improperly destroyed records in the state employee health insurance program, in the middle of a heavily-criticized rewrite of benefit plans.
San Fran wins the World Series; Sistine Chapel improvements; Kurds moving toward Syria and more national and international news for Thursday, October 30, 2014.
Thursday's Blogs from the Bog!
Paper cites the former ADA's "experience as a prosecutor, his demonstrated integrity, and his ideas for reshaping the [DA's] office" in urging voters to support Keith Stutes Nov. 4.
Louisiana officials have sent a letter to the American Society of Tropical Medicine and Hygiene un-inviting members of the group who have recently been to ebola-affected West African countries from attending the group’s annual conference in New Orleans next week.
Drew Brees and the New Orleans Saints have to find a way to win on the road if they plan to take over first place in the NFC South.
"It is obvious that Louisiana economic performance has not outperformed the South or the United States as a whole and, in fact, has substantially underperformed..."
A state district judge said he will rule Friday on a preliminary injunction to keep some charter schools from receiving $60 million through Louisiana's public school financing formula.
Saints fans were to gather, make merry, eat/drink compliments of a new Downtown group and watch the Saints beat Carolina and claim 1st place in the NFC South. But...
New Orleans Saints running back Mark Ingram doesn't see his dramatic spike in production as any sort of validation.
U.S. Sen. Mary Landrieu is facing off one last time with her two main Republican challengers before next week's election.
He’s pulling for Knezek and Hidalgo on his end of the parish but issued endorsements in three other districts as well.
Off a narrow gravel road running between a handful of mostly abandoned lots near a Mississippi River levee, down past sprawling oak trees and thick weeds, a lectern framed by banana trees has been set up in front of three short rows of folding chairs.
Hillary Rodham Clinton is heading to New Orleans this weekend to stir up voter support for Democratic U.S. Sen. Mary Landrieu.
Saints coach Sean Payton has spent much of his team's erratic season trying to build his players up.
The Daily Advertiser has weighed in on this year's LPSB elections with nine endorsements.