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Morgan City RDA approves amended incentive agreement with Comfort Inn operator
Summary
The Morgan City Redevelopment Agency on Dec. 10 approved an amended economic development incentive agreement with Revaba Morgan LLC, doing business as Comfort Inn and Suites, and removed a provision tying annual payment reductions to a single low collection year.
The Morgan City Redevelopment Agency on Dec. 10 approved Resolution R-24-45, adopting an amended economic development incentive agreement with Revaba Morgan LLC, doing business as Comfort Inn and Suites. The board voted unanimously to adopt the resolution after staff described two changes requested by the hotel’s purchaser, including a date change and removal of a provision that would have reduced payments in a single low-collection year.
Agency staff said the amendment removes a clause that would have reduced the payment for a year in which the RDA did not collect enough tax increment revenue. Ty, a staff member, told the agency that the amendment strikes the paragraph because "it really doesn't make any sense to worry about 1 budget year" and said the RDA would instead cover any shortfall across…
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