News -> INDReporter THU, MAR 3 12:12PM by Leslie Turk

Records: Stewart only owns 13.58 acres at Parc Lafayette site

MD-turned-developer Glenn Stewart told The Independent Weekly for a Feb. 23 story that he had invested $15.5 million in land costs, having purchased all 34 acres of his proposed Parc Lafayette lifestyle center in 2009, and another $4 million in infrastructure costs over the past six months. But records with the Lafayette Parish Tax Assessor’s Office reveal that’s not the case, that he only owns a portion of the tract, and Stewart clarified Thursday that he has a contract on the remaining acreage.

In January 2009 Stewart Family LLC, Birch Tree Estates LLC and Townhouse Plaza LLC purchased 13.58 acres, the front portion of the Kaliste Saloom Road/Camellia Boulevard tract, from the Saloom family for $7.01 million. But the remaining larger parcel down Camellia, 19.39 acres, is still owned by Saloom LLC and Pine Farm Limited Partnership LLC, according to the assessor’s office. So why should that matter for a private developer? Because Stewart is asking the Lafayette City-Parish Council to approve the creation of special taxing districts at the site so that he can develop a four- or five-star hotel and convention center, a request that has sparked controversy and outrage among some residents.

The proposed economic development districts — also called a Tax Increment Financing district — are on prime real estate acreage across the street from upscale River Ranch. These types of incentives were made possible by the Louisiana Legislature in 2002 when it amended decades-old incentive laws to allow for a wider range of economic development projects. The proposal before the council calls for an additional 2 cent sales tax and 2 cent hotel occupancy tax at the hotel, and a 1 cent sales tax in the retail development that will surround the hotel. The base sales tax of 8 percent would continue to line the coffers of the state, local government and the Lafayette Parish School Board, and absolutely no tax dollars are on the hook if the development fails; the additional tax expires when the bonds are paid off.

In a brief phone conversation this morning from San Francisco, where he was in a business meeting, Stewart clarified that he has options on the remaining acreage. “We’re in a contract. We’ve got the money set aside. We’ve already done the wetlands work. We spent $100,000 getting the wetlands mitigated on that property,” he said. “It’s under contract. We just haven’t closed on it yet.” So, does Stewart believe having a contract equates to a purchase? “With the amount I have down in it, yes I do,” he said. He declined to specify just how much he has invested in the parcel.

Stewart also declined to name the high-end women’s department store that will anchor the retail portion of his development, despite that he says a lease has been finalized. He also would not disclose the names of the tenants he says have signed leases for 62,500 square feet of retail at the site. “I’d rather not,” he said. “I’m working with the leasing agent, and some of the tenants would rather their name not be disclosed because they’re in other current locations right now. Without knowing for sure [if they would be OK with releasing their names], I’d rather not.”



Comments (17)add
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written by TIF S_ _ t , March 03, 2011 - 01:05 pm
Stuart is a good person that is learning that maybe involving government is not really worth it. There would be no reason for him to expected to divulge any of his plans if not for the TIF. He should make that decision, but recognize the consequences that his private affairs are no longer completely private.
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written by Chamber of Horrors , March 03, 2011 - 01:09 pm
What did Joey Durel and Gregg Gautreaux know about this and when did they know it in their effort to promote the TIF for this project? At the very least, it suggests a lack of due diligence bordering on incompetence on the part of each of them.
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written by Cajun Yodeler , March 03, 2011 - 01:29 pm
A promoter bending the truth. Just the type of guy for a government tif.
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written by yesidoknow , March 03, 2011 - 01:39 pm
This guy sounds like a first-class nut case. First he calls concerned citizens "idiots", and now he lies about how much property he actually owns. And LCG wants to help him?
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written by RCajunrunner , March 03, 2011 - 03:58 pm
Here's an assignment for Walter and Mrs. Turk:

Mr. Stewart paid $7.1 Million for the 13.58 acres. How much in property taxes did he pay for this piece of land, which is probably the hottest tract in Lafayette right now?

Was this tract re-classified from "Agriculture" when it changed ownership? Normally when a piece of property changes hands, if re-classification is needed, it will be done at that time.

You guys (gal) may want to look into that.

As Soop would say, All the Best!
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written by Southsider , March 03, 2011 - 09:43 pm
Whats a crying shame is the Saloom family has paid a grant total of $45.00 for city AND parish taxes on the same 13 acres! I hope it didn't break them financially!
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written by TIF? , March 03, 2011 - 09:44 pm
Everybody seems to think they know what the terms of this TIF is. Including this paper. You don't. And the reason why is after the TIF is create, it can be amended by a vote of the city council and the taxpayers in the TIF area(being Mr. Stewart only). What we have before us a the creation of a TIF district, the terms of which will be told to us after the vote, when they decide what it will be. That's the problem, no one can tell you what the TIF will be and what the money can be used for. The statue itself says it can used for anything, including the drapes in the hotel, that the city council says it can be used for, and the ordnance approves that language. Plus the TIF can later be amended by the Council and the State to contribute a portion of the sales taxes it collects. It's completely open ended, except for the fact that the only time allowed to challenged the TIF in court is limited to 30 days after the council vote on March 15. After which the TIF can be changed to whatever they want. No one, including the council knows what they are voting on.
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written by Doctor Ciano , March 03, 2011 - 09:54 pm
Durel and Gautreaux along with the GreenAmbulanceman,
and the Bent Scope Surveyman are the masterminds to fleece the tax payers, shades of the Lasttrapes Horse Farm slinky deal. Did they know ? "Are you being faceitious, Chamber of Horrors, the only time these couillions are incompetent is when they fail to cover their "tracts".
We will ask our beloved Tax Assessor, just how much "Stewy paid in property taxes for the "property he did purchase, when the Assessor returns from his Honeylulu business trip.
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written by ScoobyDoo , March 04, 2011 - 07:42 am
Hey Doctor - what kind of bus trip was that? To Hawaii? Is it business for the parish? I remember a BIG stink a few years ago about councilmen going to Hawaii, so that's why I wondered.

Anyway, I am very interested in what all that property is assessed AS and how much the owners pay.
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written by Doctor Ciano , March 04, 2011 - 08:10 am
First You Tell me how a "JUDGE making a pittance as a judicial official purchases the acreage, Saloom ? I'd say Saloom, as other judicial officials, sat on the court based fleecing of land owners in dire times and profited on a grand scale from the misfortunes of poor farmers who lost their acreage to tax agencys during those depressive times. But thats in the past, " CAMELOT," Pshaw, thank god its in the past, today we have our sitting administrators, DUREL AN THE TOAD GAUTREAUX, pulling ah revahnueer tax farce for a local couillion developer who does not know how much acreage he owns, and its being "HUSHED HUSHED by JOEY DUITTOIT and the trough addicted, Hungry Toad, Gautreaux. And, thats my story and i'm stickin to it.

Scooby dooby, Honeylulu is not quite Havaii, but the scenario does have flashes of lies and skirts.
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written by Compassionate One , March 04, 2011 - 08:20 am
If he has an option on the property, he technically does not own it, but he controls it. I don't see this as a big deal.


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written by Doctor Ciano , March 04, 2011 - 08:20 am
I am interested in pointing out the illegal follies of the inner ill-workings of the Parish/City administrators and how they blantantly stoop to glean every cruddy dollah available, for theirselves and their cronys, I truly despise thieves, whether they be outside the law or working within their laws.
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written by ScoobyDoo , March 05, 2011 - 06:37 am
Doctor, doctor I'll give you the news, the Salooms have owned that property longer than I've been around.... Hence, the name of the road Kaliste Saloom. I'm betting there probably is a family "trust" that deals with that property and many years ago it was farm property. Its been a good 20 yrs that it hasn't been farmed, so that's why I'm wondering what its considered for taxes and how much that big "trust" pays in property taxes. Curiosity... but as far as I've ever heard, and I sure would not be in the know, the young judge and the old judge Saloom didn't buy this. The Original Kaliste Saloom was a wise man when he purchased all that property! And frankly, his offspring have inherited that wisdom as well.
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written by Doctor Ciano , March 07, 2011 - 08:19 am
OH, If you say so Scooby Doo Do !
Hey anyone who buys a piece of Property "IS a Wise Man, No doubt". And the wises men buy property for tax rates in default. It strikes me odd that every dinero progressive project, only winds through an old family trust, but what do I know. I've only been heah 84 ye`ahs. Scooby Doo Do, don't forget the Charmin.

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written by The Original Northsidian , March 08, 2011 - 08:44 am
It is not only the Saloom family that has prime real estate designated agriculture/farm. Many properties in Lafayette and the state for that matter are dedicated as such. The problem I have is PRIME PROPERTIES that are dedicated as such. This is because the politically connected usually own these properties and the tax assessors have no BALLS to value them correctly!! And that my friends is why US DUMB ASS TAXPAYERS are always taking up the slack for the wealthy!! The tax laws are ALWAYS written to benefit the rich.>
"THE REVOLUTION WILL NOT BE TELEVISED!!"
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written by NORTHSIDIAN SHOTGUN. , March 09, 2011 - 11:08 pm
It will be over faster than the "6" DAY WAR .
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written by ScoobyDoo , March 10, 2011 - 07:56 am
I too wonder how some privledged few can have their million dollar property valued at farm property rates. I know a man who keeps about 13 cows on a large piece of property so it can retain its farm assessment. He has to see about them every day, so I don't know, maybe that's fair. But I see a lot of propert with "For Sale" signs, or propety like the Saloom property, in prime real estate areas & I wonder what they pay in property taxes. I don't mean the poor guy who Lafayette grew around, with his little old house. I don't want him taxed off his property, but I sure do wonder about this big guns.
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