[{"_1":2,"_123":-5,"_124":-5},"loaderData",{"_3":4,"_25":26},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","routes/v2/article/layout",{"_27":28,"_29":30},"notFound",true,"relatedArticles",[31,75,87,99,111],{"_32":33,"_34":35,"_36":37,"_38":39,"_40":41,"_42":43,"_44":45,"_46":47,"_48":49,"_50":51,"_52":53,"_54":55,"_56":57,"_58":59,"_60":61,"_62":63,"_64":65,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},"mediaId",6135908,"mediaKeyId","5670572-753ab1a7551d400cec43be620ca54cf4","parentId",5670572,"title","Bond panel approves $16M for Touro Shakespeare senior housing after tense debate","audioSeconds",2291,"startMs",2134000,"endMs",4425000,"viewUrl","/Search/View?dp=1&key=5670572-753ab1a7551d400cec43be620ca54cf4&start=2134&end=4425","thumbnailUrl","https://assets.pipeline.soar.com/5670572-753ab1a7551d400cec43be620ca54cf4/thumbnail_2134000.jpg","articleUrl","/articles/6135908/Louisiana/Bond-panel-approves-16M-for-Touro-Shakespeare-senior-housing-after-tense-debate","mediaUrl","https://secure.pipeline.soar.com/6135908-8e4f6f9dd774d77447dd7a349b32d24b/orig.mp4?Expires=1769932435&Signature=Yy8ouQCMAHSSeSzoVZEgajSkWuxrH3CflZ8Oqcp2jjGMngL2~l02IHF752aKFIbxgwgHSWJ00oXHwOc3dJ19AZBJ0XMP4Wn9gudEyTO4zirmnJCKan1lJNJd9k3oC2r~by26bFEEHslpfuol6NSni92yVHbMnxhY0X1X7YV-6D~vJAUxdXEURg~4jf3RcVmN4BqMum4zFAf2etDwhGqjeJxxLxtJCK6Toe~mBZdcTv1hMnghpGKNGjjFlv2LWJXmpms5prnJ6KVys08~SBU07uUXKZOp8VtQi5GH8V3nUj~IZLWxyeE60iMEPegSnYusxFPENeFOPf8Gt0LXL9KGPg__&Key-Pair-Id=KUT5TJCACFTXG","author","Louisiana Legislature","date","2025-08-21T00:00:00Z","article","The State Bond Commission on Aug. 21 approved a Louisiana Housing Corporation‑backed financing application for the Touro Shakespeare House rehabilitation in Algiers, authorizing up to $16 million in multifamily housing revenue bonds. The vote was 10‑yeas, 2‑nays after more than an hour of questions from commissioners about the project’s high total development cost.

The project, presented as item 34, proposes to convert a vacant, historic chapel and adjacent structures into a 52‑unit affordable housing project for seniors. Developers and consultants said the building suffered catastrophic water damage, contained extensive asbestos and required substantial structural stabilization and historic preservation work. Josh Collin (identified in the record as the project president) told commissioners the building’s condition and National Park Service historic standards raised the construction cost well above typical per‑unit rehabilitation numbers.

“We found the structure had collapsed due to water intrusion,” Collin said, describing asbestos contamination and the need to rebuild many interior elements. He said the prime federal CDBG disaster recovery grant for the project was comparatively modest and that developers had leveraged historic tax credits, city subordinate loans and other sources to reach a roughly $32 million total development cost.

Commissioner Representative Bockler (and others) repeatedly questioned the per‑unit cost — roughly $622,000 per unit as shown in the developer’s materials — and pressed for more in‑person explanation from the Louisiana Housing Corporation (LHC). Commissioners debated whether the commission should routinely require LHC staff testimony at meetings when LHC projects were on the agenda.

Treasury and LHC representatives and the developer said the project was selected under a competitive CDBG prime‑3 program that rewarded leveraging of scarce federal disaster funds, and that the City of New Orleans had already committed a $6 million subordinate loan to make the building structurally sound ahead of renovation. Paul Rainwater, a consultant for the developer, and Collin described community and economic reasons to restore the building, which they said was deed‑restricted for housing for lower‑income residents.

After extended discussion about costs, contingencies and contractor fees — and acknowledgment that the project complied with the 2024 QAP standards used to approve the award — commissioners voted to approve item 34. The roll call recorded 10 yeas and 2 nays.

Why this matters: The approval allows renovation of a large historic structure into affordable senior housing in a neighborhood proximate to Delgado Community College and the Marine Corps Reserve command. Commissioners underscored the tension between historic preservation, high per‑unit costs and limited federal disaster recovery funds.","mediaType","Video","parentTitle","Senate State Bond Commission Aug 21, 2025","oneSentenceSummary","The State Bond Commission voted 10–2 to approve up to $16 million in multifamily housing revenue bonds to rehabilitate the Touro Shakespeare House into 52 affordable senior units in Algiers, after developers and state housing officials defended high per‑unit costs tied to environmental remediation and historic‑preservation requirements.","taxTitle","2025 Legislature LA, Louisiana","taxId",78558,"location","Louisiana","headline","","shortSummary",{"_32":76,"_34":35,"_36":37,"_38":77,"_40":78,"_42":79,"_44":80,"_46":81,"_48":82,"_50":83,"_52":84,"_54":55,"_56":57,"_58":85,"_60":61,"_62":63,"_64":86,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6135920,"Commission delays New Orleans request to issue bonds to pay long‑standing judgments",2838,348000,3186000,"/Search/View?dp=1&key=5670572-753ab1a7551d400cec43be620ca54cf4&start=348&end=3186","https://assets.pipeline.soar.com/5670572-753ab1a7551d400cec43be620ca54cf4/thumbnail_348000.jpg","/articles/6135920/Louisiana/Commission-delays-New-Orleans-request-to-issue-bonds-to-pay-longstanding-judgments","https://secure.pipeline.soar.com/6135920-d978280e5bfcf77646c510417eae29bd/orig.mp4?Expires=1769932435&Signature=I2kZ8h7w6Be3IbAQMThE08Z6HWJz9pXkKHmOoFCeR6zZbGHP50VOMPDDMMOQvyZNdYOQ7xrPkHEobJlJMsCPdb9411V-p6CN9FC3fD1c5YvKx9XPz43dSDthDSNBc0ocDosrcptqcrqcHTl0~WJGd~~7NlZ6aMl3rdizsZ3ppIPiNim-prVSH7P2ivrSW3xN3r5rSfwIAC-cRdXhUjgqnI-1m56-w4AAoAqOABURXP5ZbS4LTkcvYaWTcF5AlgkbDpoBAwfvoz0qG1JGx9wnJf9YpZ9clqIHxc7nW-3WGdvSfyKkDILVASdHjk8-RjgGUQLQ2Vrjf~7Ghu6Y6hcFLg__&Key-Pair-Id=KUT5TJCACFTXG","The State Bond Commission on Aug. 21 declined to finalize approval of a City of New Orleans application to issue up to $90 million in limited‑tax revenue bonds to pay legal judgments, and instead agreed to delay final action while staff and city counsel clarified the plan.

Commission staff earlier described the proposal as limited‑tax revenue bonds secured by the city’s constitutional millage and said proceeds would be used to pay off judgments that, in some cases, date back to 1993. Jason Akers, appearing for the city’s financing team, said the city’s plan would structure the borrowing in two tranches of about $45 million each and that the repayment plan had been designed to be “budget neutral” for the city over time.

“It is being structured so that there’s no impact on the budget, not in the current years or in future years,” Akers said during the meeting.

Commissioners pressed the city on the prudence of authorizing debt that would be issued near the end of the current city administration’s term. Several members — including Representative Bakala and others — asked whether the next city council or the next mayor should have the opportunity to approve the second tranche. Akers said the two‑tranche approach was chosen in part to give a subsequent administration the chance to decide whether to issue the second tranche.

Senator Morris and others questioned details: the taxable nature of the bonds (the city sought taxable bonds because proceeds would not fund a capital project), the plan for debt service, and why the city was seeking a two‑tranche structure. Akers told the commission the first tranche was intended to pay the oldest judgments first and that the two‑tranche structure allowed the city to maintain short‑term budget neutrality while clearing older liabilities.

After discussion, Akers told the commission he had consulted with the city and that the city would accept an approval limited to “not exceeding $45,000,000” for the first tranche if the commission preferred that approach. Commissioners debated whether to approve the smaller first tranche immediately or to delay action until the next meeting so members could review additional details and allow the city to confirm the change in terms.

Ultimately the commission voted to delay the item to the next meeting to give staff and commissioners time to review the documents and for the city to confirm the proposed change to a single tranche of up to $45 million. No final sale or authorization for the $90 million figure was approved at the Aug. 21 meeting.

Why this matters: The proposal would clear longstanding court judgments from the city’s books but also creates a debt obligation tied to a millage that the city already uses for other payments. Commissioners said they wanted clearer, short‑term repayment detail before approving a borrowing that could affect a future administration.","The State Bond Commission on Aug. 21 declined to finalize approval of a City of New Orleans request to issue up to $90 million in limited‑tax revenue bonds to pay longstanding judgments and agreed to defer a decision after the city offered a smaller initial tranche and commissioners sought more repayment detail.",{"_32":88,"_34":35,"_36":37,"_38":89,"_40":90,"_42":91,"_44":92,"_46":93,"_48":94,"_50":95,"_52":96,"_54":55,"_56":57,"_58":97,"_60":61,"_62":63,"_64":98,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6135913,"St. Landry Parish seeks $4.6M cash‑flow borrowing; commission asks for ordinance and clearer finances",855,5574000,6429000,"/Search/View?dp=1&key=5670572-753ab1a7551d400cec43be620ca54cf4&start=5574&end=6429","https://assets.pipeline.soar.com/5670572-753ab1a7551d400cec43be620ca54cf4/thumbnail_5574000.jpg","/articles/6135913/Louisiana/St-Landry-Parish-seeks-46M-cashflow-borrowing-commission-asks-for-ordinance-and-clearer-finances","https://secure.pipeline.soar.com/6135913-fc65b68b09280261c7be7cfdfb683a78/orig.mp4?Expires=1769932435&Signature=FSzeiY~u~S5z1UTeiVErDATvNAAtD3uEzjp8JcESnpn3brSQl-p-zbjC3T4La3HPKZwLXFKoNTiH-a-aW7rOvTlNaa-56zEfjIt3Xw8Prnh9MnxgLWQlFIgnd9fVyaI8Vx9HomhmvNqC68U4klyNYFIBRKMgtKhmQfFC5T0io6VeV7Aa7n-vOLR~8sNZv5SJxgSnR1g8CcSBOlh7FvmpsJ~~npdCGeFQeX9vdRGUtfkS52u5Xxy5iIeUtt55EYlaBEkH9zB9K1wy6gI1~EraRQTF~ZRY~xZPK6UvPUUVFTGEu5D1bpxZ~oQUAaNa8jfZjqUYjX4w6LrIK6-myJJRYw__&Key-Pair-Id=KUT5TJCACFTXG","St. Landry Parish President Jesse Ballard told the State Bond Commission on Aug. 21 that his parish faces a cash shortfall and asked the commission to authorize a $4.6 million revenue anticipation note to cover operations until projected pilot payments arrive.

Commission staff summarized the parish’s submission and cash‑flow projections, saying the parish expects to run out of cash by the end of the month without additional borrowing. The staff write‑up noted that the parish’s plan for repayment relies heavily on pilot payments from a proposed private solar project; the first of those pilot payments is projected to arrive in June 2026 in the parish’s cash‑flow model.

Ballard described a combination of mandated costs — including prisoner housing, juvenile detention, coroner expenses and other court‑related charges — as the driver of deficits. He said the parish had taken steps to reduce operating costs (including a recent personnel reduction) and was advancing other economic development projects, but that revenue from the new projects would not be available in time to prevent near‑term cash shortfalls.

A parish council member who spoke in opposition, Harold Taylor, said the council had not approved an ordinance authorizing the borrowing. Taylor said the parish needs a professional financial manager to work with the council and the parish president and cautioned against repeatedly issuing short‑term borrowings without structural budget fixes.

Commission staff said they could not make a positive recommendation because the parish’s repayment plan depended on private development decisions (the pilot payments) and the parish’s council had not passed the required ordinance authorizing the request. Commissioners voted to defer action until the parish council had adopted an ordinance and the parish provided clearer, auditable cash‑flow support and contingency scenarios for repayment.

Why this matters: The parish’s request illustrates the risks staff warned about when short‑term municipal financing is tied to private development timelines. The commission asked for an ordinance and independent verification of cash flows before authorizing a revenue anticipation note.","St. Landry Parish officials told the State Bond Commission they need a $4.6 million revenue anticipation note to cover operating deficits tied to mandated costs and delayed pilot payments. Commissioners asked the parish to return with an ordinance and clearer audited and cash‑flow documents; the commission deferred action.",{"_32":100,"_34":35,"_36":37,"_38":101,"_40":102,"_42":103,"_44":104,"_46":105,"_48":106,"_50":107,"_52":108,"_54":55,"_56":57,"_58":109,"_60":61,"_62":63,"_64":110,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6135899,"Bond Commission approves multiple local bond requests, lines of credit and administrative contracts",1876,130000,2006000,"/Search/View?dp=1&key=5670572-753ab1a7551d400cec43be620ca54cf4&start=130&end=2006","https://assets.pipeline.soar.com/5670572-753ab1a7551d400cec43be620ca54cf4/thumbnail_130000.jpg","/articles/6135899/Louisiana/Bond-Commission-approves-multiple-local-bond-requests-lines-of-credit-and-administrative-contracts","https://secure.pipeline.soar.com/6135899-c149ee9b921523691f8902ca4f2a8e6b/orig.mp4?Expires=1769932435&Signature=Xr-VxDFXts~30BbeMGTVrmO6kT3FEXNeC3QVEoeVP5geQivSMGq-wsLYnANUwpGrRrfCTq5kwagXHY16KMl0qF3UQYuFQjZSmUrkp8Gas1-CpsN--B4HoT257BRNZUYDjttMR3iE9qOcRr9ARQdGlvtwAxeV-47184Z4GozkuTapz9U746coCqQZaoUxC5qLFdpQGkZxpffQEHypQL~6snWDqjKsGz~gn6kbGmutkjmJdtvfy0QiXGa--KDS8lbAzw~mDuB7Vg1EJzM~YG3XnF36-Usgf4hs5eqQKmoILsqziQvPPQukyPLHlNf-rl2MOi7qQRftWw9-vMn0Pa8rYQ__&Key-Pair-Id=KUT5TJCACFTXG","The State Bond Commission on Aug. 21 approved a series of routine and technical applications after staff determinations that the items met technical requirements. Actions included approvals of election requests for the Nov. 15 ballot, cash‑flow loans and multiple local bond matters; staff also authorized solicitations for disclosure counsel and recommended a municipal advisor contract award.

Key approvals and procedural actions:

- Items 3–21: Commission staff recommended and members approved election requests for the Nov. 15 ballot to seek voter approval of various ad valorem and sales tax propositions. Staff told the commission the Secretary of State’s proposition deadline for the Nov. 15 ballot was Sept. 22. The items were approved on voice vote with no objection.

- Items 22 and 24: Cash‑flow borrowings for local political subdivisions — Plaquemines Parish Law Enforcement District (not exceeding $2,300,000 in certificates of indebtedness) and St. Tammany Parish Fire Protection District No. 9 (not exceeding $150,000 in taxable limited tax bonds) — were approved after staff said they met technical requirements.

- Items 26–31 (excluding item 29): A series of local revenue and project bonds were approved, including North Caddo Hospital Service District (item 26), Village of Grand Canyon sewer rehabilitation (item 27), City of Lafayette communication system revenue bonds (item 28), Ouachita Parish Lake Shore sewer upgrades (item 30) and multiple fire protection district bonds (item 31). Item 25 had been withdrawn earlier in the agenda. Representative Johnson moved approval of items 26–31 excluding item 29; the commission approved those items by voice vote.

- Items 33 and 34: Two LHC applications (4100 Bywater and Touro Shakespeare) were taken up; item 33 (4100 Bywater) was approved without roll‑call objection. Item 34 (Touro Shakespeare) generated extensive discussion before it was approved by roll call (10‑2).

- Items 35–37 (public trust and mortgage revenue bonds): Final approval was granted for LPFA South Quad bonds (item 35) and for single‑family mortgage revenue allocations to Jefferson Parish Finance Authority and Capital Area Finance Authority (items 36–37); staff recommended approval. Senator Morris had earlier recused himself from some items (item 37 among those noted on the record).

- Items 38–42: Cost‑of‑issuance reports for several recent bond transactions were acknowledged; no motion was required.

- Items 43–44: The commission approved cash and non‑cash lines of credit requests submitted by the Division of Administration totaling $81.8 million in priority projects; staff provided a summary and representatives of the Division of Administration were available.

- Item 45: Commission authorized staff to issue a solicitation for disclosure counsel and to use the established review panel (treasurer, senate president, house speaker, attorney general and commissioner of administration or their designees) to evaluate responses.

- Item 46: The valuations team recommended PRAG (the incumbent) as municipal advisor; the commission approved the recommendation.

Recusals, withdrawals and holds: Senator Morris recused himself from items 20 and 37 as recorded; item 25 was withdrawn; items 29 (City of New Orleans) and 23 (St. Landry Parish) were held for separate discussion and deferred.

Why this matters: The approvals clear a pipeline of local infrastructure and housing financing requests and put in place administrative contracting steps for disclosure counsel and municipal advising. Members emphasized that staff had found technical compliance but sometimes asked for additional in‑person presentations from awarding agencies for projects with atypical cost structures.","At its Aug. 21 meeting the State Bond Commission approved a slate of technical applications — elections for Nov. 15 ballot funding propositions, several local cash‑flow borrowings and revenue bond requests (excluding several items deferred or pulled), plus authorization to solicit disclosure counsel and to appoint a municipal advisor.",{"_32":112,"_34":35,"_36":37,"_38":113,"_40":114,"_42":115,"_44":116,"_46":117,"_48":118,"_50":119,"_52":120,"_54":55,"_56":57,"_58":121,"_60":61,"_62":63,"_64":122,"_66":67,"_68":69,"_70":71,"_72":73,"_74":73},6135905,"Commission approves LSU residence hall lease and related LPFA bonds for South Quad project",2722,2033000,4755000,"/Search/View?dp=1&key=5670572-753ab1a7551d400cec43be620ca54cf4&start=2033&end=4755","https://assets.pipeline.soar.com/5670572-753ab1a7551d400cec43be620ca54cf4/thumbnail_2033000.jpg","/articles/6135905/Louisiana/Commission-approves-LSU-residence-hall-lease-and-related-LPFA-bonds-for-South-Quad-project","https://secure.pipeline.soar.com/6135905-e1147161427fbf446b69f4e3191db86b/orig.mp4?Expires=1769932435&Signature=I0Gfn3UQoSfGTjptKi~mlR2RljU1pnllmdY-DWJgoWzlCyxWhSWhdxZ0lvnvKZSUcszXbi-AJOHBI3ucP31~Ugu700t1xCa5cypSMUmJ8g1NSKb4BCYSGKS-2n0Z1sKAH2XA-izWTCJBzXVDz7K6fbMdtOWMhqVxafkE4vk7SAxvVE-oqE53dZ8J4sX3Xgz6uMPA7QV1GDZDhTBGia0skPko7J9VtFx5RKdreUVBskAzHTtLo3xZ5TWae8tvMowL63TPcrixvqaNurQMEzgY29UxEcBYFTZBZRZ5hnkLRw-7182wIXXXBs2vQFFumv1xNG2VZMmBlgmbS3GT7wjkew__&Key-Pair-Id=KUT5TJCACFTXG","The State Bond Commission approved a facilities lease between the Board of Supervisors of Louisiana State University (LSU) and South Quad L3C (item 32) and granted final approval for the Louisiana Public Facilities Authority to issue up to $215 million of lease revenue bonds (item 35) to finance construction of two new residence halls and associated parking.

Bond staff described the structure: South Quad will construct two new residence halls totaling roughly 1,266 beds, then ground‑lease and sublease the completed facilities back to LSU for a term not exceeding 40 years. Lease payments by LSU will be secured from auxiliary revenues, principally room rents from on‑campus residents. The bond buyer was read into the record as RBC Capital Markets; the bonds were described as not exceeding $215 million, with a maximum interest rate of 6% and a term not exceeding 40 years.

The commission’s packet included an opposition email from Philip Lillard opposing certain private‑developer student housing lease/sublease structures; staff nonetheless determined the application met technical requirements and recommended approval. The commission approved item 32 on voice vote after a motion by Representative Johnson and approval of item 35 and related public‑trust matters later in the agenda.

Why this matters: The approvals authorize a public‑private financing structure to deliver new student housing capacity at LSU and allow the LPFA to act as issuer; bond sale terms will be finalized through the customary sale process and the bond commission will have no ongoing role in the transaction beyond review and approval.","The Bond Commission granted preliminary approvals for a lease and a public‑trust bond issuance to finance two new freshman residence halls at LSU’s South Quad. The commission also noted an opposition letter from a community member included in the packet.","actionData","errors"]

Article not found

Bond panel approves $16M for Touro Shakespeare senior housing after tense debate

Commission delays New Orleans request to issue bonds to pay long‑standing judgments

St. Landry Parish seeks $4.6M cash‑flow borrowing; commission asks for ordinance and clearer finances

Bond Commission approves multiple local bond requests, lines of credit and administrative contracts

Commission approves LSU residence hall lease and related LPFA bonds for South Quad project