Jump to content

New upscale commercial project


Gauge

Recommended Posts

There is still hope! :thumbsup: This eye sore has go to go! A Marriott Reniassance will compliment Perkins Rowe/Mall of La!!!

Legislation seeks to create TIF for old Swaggart dorm

A bill by State Rep. Steve Carter would create the Bluebonnet Conference Hotel Taxing District to finance renovation of the half-completed Jimmy Swaggart Ministries dormitory and turn it into a conference hotel. Developer Mike Wampold bought the dorm on Bluebonnet Boulevard in 2004, with plans to turn it into a 348-room Marriott Renaissance Hotel. The $70 million project has been stymied by the recession and the ongoing credit crisis. Carter's House Bill 877 would allow for tax increment financing, which would allow projected sales tax revenue from the hotel to back bonds to pay for construction or renovation costs. A TIF was used to pay for the renovation of the downtown Hilton Baton Rouge Capitol Center, and there's a move afoot to set up one for the Hotel King. Work was halted on the dorm in 1989, when Swaggart's ministry was crippled by a pair of sex scandals. The bill says the partially completed building, located between the Mall of Louisiana and Perkins Rowe, is "an eyesore" that has negatively impacted surrounding businesses.

http://www.businessreport.com/archives/daily-report/latest/

Link to comment
Share on other sites


  • Replies 28
  • Created
  • Last Reply

^Yeah you right Dan :thumbsup: Not to mention a great fit for the emerging medical corridor!

Good to see the TIF approved; but confused about this article?? Transformed into a 200-room conference hotel?? The plan was for 348-rooms before; has this changed? That's a big difference...

Committee approves TIF for old Swaggart dorm

A Senate committee approved legislation Monday creating the Bluebonnet Conference Hotel Taxing District. Senate Bill 333 by Senate President Pro Tem Sharon Weston Broome would set up a tax increment financing district, or TIF, to direct sales tax revenue from the conference hotel, which is now a half-completed Jimmy Swaggart Ministries dormitory. Developer Mike Wampold wants to build to back bonds to pay for the construction and renovation.

Broome, D-Baton Rouge, told the Senate Revenue and Fiscal Affairs Committee that the deteriorating dorms would be transformed into a 200-room conference hotel if Gov. Bobby Jindal signs her legislation.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.