Last Modified: Friday, October 05, 2012 7:13 AM
A purchase agreement between Mardi Gras Boardwalk and the city of Lake Charles should be done within the next two weeks, allowing the sale of nine acres of lakefront property to the company, which plans to build a multimillion-dollar entertainment complex.
City Attorney Billy Loftin said the legal paperwork should be finished, but that more work will be needed to finalize a cooperative agreement between the two sides to lay the groundwork for the creation of a tax increment financing district on the property. “I’ve met with another attorney from their side that handles financing. Introductions have been made for their legal counsel and local bond attorneys,” he said.
The company’s proposal said the TIF would be used to finance marketing for the complex. Loftin said talks so far have centered on finding ways to raise funds for the TIF.
“And that is going to take a little longer because the details have to be worked out,” he said.
Mardi Gras Boardwalk is interested in creating the TIF and collecting taxes from sales on the property.
Loftin believes the only way the project does not become a reality is if the company is not able to get financing for construction.
Mardi Gras Boardwalk officials want to build a five-story, 100-room condo/hotel measuring 50,000 square feet.
The property would include 35,000 square feet for a sports bar and grill and a 25,000-square-foot family entertainment center.
At least six restaurants, three music venues, four gift shops, three novelty stores and seven kiosks would be constructed. The City Council has to approve the purchase and cooperative agreements for Mardi Gras Boardwalk to move forward with its plans.
A vote on the sale of the lakefront property could occur in November.
Posted By: Dee On: 10/4/2012
Title: TIF.....not fair to local businesses
Creating a TIF is a wrinkle the no one discussed. I mean, almost any firm could get financing on a project of this type if sales tax dollars generated from its revenue would be cash flowing the project. Why should any tax dollars be used to finance this project when we were led be believe this would be funded by private money? Why not just let the port create a special district and leave this asset in the hands of a public entity. Both San Diago and Baltimore Port Authries have done this with great success. And all one needs to do is just to Kemah and Galveston as examples of what could be constructed. Check out the background of these guys by doing some online research at the Sec. of States office and on Google.......can't anyone else see there proposal is a fantasy.