La. R.S. § 33:130.865.1 . Payment In Lieu of Taxes

• Library: Louisiana Statutes
• Edition: 2023
• Currency: Current with changes from the 2023 Legislative Session
• Year: 2023
• Citation: La. R.S. § 33:130.865.1

A. Any property that is acquired or owned by the district or any subdistrict is hereby declared to be public property used for public purposes and shall be exempt from all ad valorem taxes. However, any improvements thereon, other than those improvements owned by the New Orleans Exposition Hall Authority, shall be subject to all ad valorem taxes, or, in the alternative, a payment in lieu of taxes, subject to the process defined in Subsection B of this Section.

B. Subject to prior review by the New Orleans City Council of an economic development project with a payment in lieu of taxes agreement as provided for herein, the district or any subdistrict may designate any property it acquires or owns, each no greater than one discrete parcel subject to its own ad valorem tax bill, to be an "economic development project" that may be leased to a lessee subject to the lessee making payments to the tax collector for the city of New Orleans in an annual sum in lieu of ad valorem taxes to compensate the city of New Orleans for any services rendered to such economic development project. The annual sum, together with any fees and charges to be paid by such lessee shall not be in excess of the ad valorem taxes such lessee would have been obligated to pay in such year had such property been owned by the lessee during the period for which such payment in lieu of taxes is made. The payment to be made in lieu of taxes, together with any fees and charges of the district or any subdistrict, shall constitute statutory impositions within the meaning of R.S. 47:2128. Prior to entering into the payment in lieu of tax agreement, the district or any subdistrict, acting by and through the board, shall provide the city of New Orleans office of economic development with the payment in lieu of tax proposal for property designated an economic development project serving the public purposes of the district or subdistrict, which proposal shall consist of the following:

(1) The term of the payment in lieu of tax proposal evidenced in a payment in lieu of tax agreement.

(2) The annual amount of the payment in lieu of taxes to be paid by the lessee.

(3) A description of the economic development project identified in the payment in lieu of tax proposal, which at a minimum shall consist of one or more of the following:

(a) For each distinct parcel and lot within the economic development project, including areas therein that are leased to sub-lessees, creation of at least ten new permanent jobs.