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IDA update: LCS acted as agent for Tibbets Avenue LLC fit-up; project at 147 Cannon Street deemed complete
Summary
The IDA provided an update that 25 Tibbets Avenue LLC received financial assistance for a warehouse now known as 147 Cannon Street; Louisiana Construction Services acted as agent for fit-up and obtained sales-tax-and-use exemption benefits; the project has been deemed complete.
Maggie updated the board on a previously approved assistance package for 25 Tibbets Avenue LLC, a warehouse development now identified as 147 Cannon Street.
She said the IDA granted financial assistance in November 2024 and that Louisiana Construction Services (LCS) requested to act as an agent under the original assistance package to complete fit-up of remaining office space. Maggie said she consulted the IDA ttorneys and was told the fit-up costs were included in the original request, so no additional board action was required. She reported that, by acting as agent, LCS received the sales-tax-and-use exemption benefit and the project has now been deemed complete.
Board members asked no follow-up questions in the meeting. The Clerk moved toward adjournment after the update.
