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JLCB defers vote on 45‑year tax dedication for proposed Omni headquarters hotel in New Orleans
Summary
The Joint Legislative Committee on the Budget deferred action on a request to dedicate state sales‑tax increments and approve a tax‑increment financing package for a proposed 1,000‑room Omni headquarters hotel after members raised questions about a 45‑year term and the use of a 1% convention‑center tax that would be rebated to the developer.
The Joint Legislative Committee on the Budget on Thursday heard a detailed presentation on a proposed 1,000‑room Omni headquarters hotel adjacent to the Ernest N. Morial Convention Center and then deferred a vote after sustained questions about the length and structure of the tax incentives.
Jim Cook, CEO and president of the Ernest N. Morial Convention Center Exhibition Hall Authority, said Omni Hotels and Resorts will commit a minimum of $550,000,000 in development costs and that the authority will contribute land and about $80,000,000 in direct investment. Cook said the project requires state support and presented a package that would dedicate portions of state and local sales and occupancy taxes to the project.
Bridal Black, counsel to the exhibition hall authority, said local incentives would include at least the convention…
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