Jubin Crossing board approves $12.5 million subordinate bonds, amends FY2026 budget

The Jubin Crossing Economic Development District board in Livingston Parish voted unanimously Thursday to declare its intent to issue up to $12.5 million in subordinate revenue bonds and to adopt a revised fiscal year 2026 operating budget that will include the bond proceeds and related debt service.

The actions are meant to fund site infrastructure at the Jubin Crossing development to serve upcoming large retail tenants, a presenter told the board. Jim Ryan, representing the property owners Scott Crawford and Steven Keller, said the bonds will finance “drainage and streets and parking and lighting,” and that the developers plan a tax-exempt bond sale because the stores will generate new sales tax revenue to pay debt service. “I’m under a nondisclosure agreement, so I can’t tell you who, but they’re big box retailers,” Ryan said.

Ryan told the board the owners had considered bank financing but sought the district’s assistance to obtain tax-exempt revenue bonds, which can carry lower rates. He said the group expects to seek approval from the Louisiana State Bond Commission and to issue the bonds “right before Thanksgiving.” He also said the financing could be rated by Standard & Poor’s to secure favorable interest rates.

Board members moved and seconded two resolutions: one declaring the district’s intent to issue subordinate revenue bonds and a second to amend the district’s FY2026 budget to include the bond proceeds and the debt service liability. Both motions passed on unanimous roll calls. For the bond resolution the motion was recorded as moved by Councilman Waskom and seconded by Councilman Coates; for the budget amendment the motion was recorded as moved by Councilman Mangus and seconded by Councilwoman Sandifer. The roll calls recorded affirmative votes from Councilmen Coates, Taylor, Erty, Watts, Waskom, Sandifer and Mangus; Councilmen Shavers and Goff were absent for the meeting.

The resolutions ask that the Louisiana State Bond Commission approve issuance of the subordinate revenue bonds; the board did not set final terms or a sale date beyond the presenters’ statement that issuance is planned before Thanksgiving. The amended budget will recognize both the bond-funded capital expenditures and the corresponding debt-service obligation in FY2026, the presenter said.

There was no extended public debate recorded on either item. After the votes the board had no additional business and adjourned.

The board’s next formal steps will include submitting the request to the Louisiana State Bond Commission and finalizing bond documents and sale timing, according to the presenters’ remarks at the meeting.