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Morgan City Redevelopment Agency approves amended incentive agreement for Comfort Inn and Suites
Summary
The Morgan City Redevelopment Agency on Dec. 10, 2024 approved Resolution R2445, amending its economic development incentive agreement with Revaba Morgan LLC (doing business as Comfort Inn and Suites), removing a clause tied to year-to-year shortfalls and confirming the payment schedule and transfer/termination protections.
The Morgan City Redevelopment Agency voted on Dec. 10, 2024 to approve Resolution R2445, which amends an economic development incentive agreement with Revaba Morgan LLC, doing business as Comfort Inn and Suites.
The change approved by the agency removes a paragraph that would have reduced annual payments if the RDA did not receive sufficient tax increment revenue in a given year. Speaker 5 (Ty), who led the presentation, said the developer had requested two modifications: pushing a date to January and deleting the shortfall clause. “We just struck that whole paragraph out,” he said, arguing the agency had already committed to the total dollar amount and should keep payments on schedule.
Agency members questioned legal and budget implications. Speaker 3 asked whether the agency should preserve an escape clause in case state law changed to reduce or eliminate tax increment…
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