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Location
Situated at the center of Jefferson Parish, 12 miles from Louis Armstrong International Airport and 20 minutes
from Downtown New Orleans.
•Prestigious neighbors: Tournament Players Golf Course & The Alario Center
•Near Huey P. Long Bridge, improvements and expansion of which began in early 2006
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•Churchill Technology & Business Park is a high-profile development in an attractive setting. The park will provide multiple configurations and uses with attractive land and development cost.
Image
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Future of Area•Future location of JEDCO Administrative Offices and the Technology Incubator
•Home of Patrick F. Taylor Science and Technology Academy
•Business, research, retail and recreation
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Future of Area – Conceptual
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Future of Area – Conceptual
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Future of Area – Aerial View
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Project Status•Initial 40 acres donated to JEDCO on July 19, 2005.
•Clearing and Surcharge completed on July 1, 2006.
•Pre-Katrina Infrastructure Cost - $4,700,000
•Post-Katrina Infrastructure Cost - $6,100,000
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Project Finance•Jefferson Parish allocated $500,000 to fund infrastructure design and engineering in 2005. An additional $1,850,000 is available for infrastructure during FY ’06.
•State of Louisiana appropriated $1,500,000 as “Priority 2” in the 2006 – 2007 State Capital Outlay Budget.
•The U.S. Economic Development Administration awarded an $850,000 grant for infrastructure.
•$2,700,000 funding request in to Louisiana Recovery Authority for infrastructure completion.
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Impact•Investment value - $442 million within 20 years.
•The 500-acre park will provide 12,700 jobs with wages totaling $286,896,197 for an average annual wage of $41,441 over that same 20 year period.
•Park includes Office Buildings, Film Soundstage, Hotel and Conference Center
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Jefferson Parish: Business Gateway•Jefferson Parish Moody’s Bond Rating:
AA2
•Population approaching 500,000
•Multi-modal transportation: international air service, access to two large ports, major rail lines
•11 Universities/Colleges within 15 miles, including Tulane & Loyola
•Nationally recognized hospitals
•Business oriented, world class restaurants, regional shopping, numerous festivals, rich history & diverse culture
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Patrick F. Taylor Science & Technology Academy
•Designing and building a state-of-the-art school facility in the Churchill Technology & Business Park.
•Taylor was awarded a replication site and an accompanying $400,000 grant becoming one of fourteen New Technology High Schools in the nation.
•A nationally recognized school through involvement of local stakeholders, innovative curriculum design, and association with a nationally recognized foundation.
•Taylor students will be better prepared for college and tomorrow’s high-tech workplace because of their advanced, innovative high school experience.
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GO Zone Act of 2005
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GO Zone Key Benefits (Tax-Exempt Bonds)
• Exempt from both federal and state income taxes and exempt from inclusion of the federal Alternative Minimum Tax
• Borrowed costs can be as low as 1.5% to 2% below conventional financing
• Must be used for qualified commercial projects and are available to private businesses and developers for a wide range of development projects
• Major incentive for investment in the Go Zone by startups, expanding businesses, and national and international developers
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•The most important advantage is the substantial reduction in interest rate.
•In most cases, using the credit enhancement structure on a variable rate tax exempt bond financing, the borrower will reduce its overall interest rate by 150-250 basis points.
•The higher cost of issuance will offset some of those reduced rates in the initial year of borrowing.
Advantages of Tax-Exempt Bond Financing
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GO Zone Key Benefits (Bonus Depreciation)
Additional depreciation of GO Zone property equal to 50% of the depreciable basis for the first year placed in serviceExample
Assets: 5 year useful life and 34% tax rate assumptionComputers $5,000 Printers $1,500 Furniture $7,000 Software $2,000 Total: $15,500
Real Estate: 39 year useful life and 35% tax rate assumptionImprovements $1.2 million
Bonus Depreciation Straight Line Depreciation$15,500 x 50% x 34% = $2,634 $15,500 x 20% x 34% = $1,054 $1.2M x 50% x 34% = $204,000 $1.2M x 2.5% x 34% = $10,200Total Bonus Deprec =$206,635 Total Depreciation = $11,254
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GO Zone Key Benefits (Enhanced NOL Carry back)
• Net operating loss that is qualified GO Zone loss can be carried back five years as opposed to two years
• Qualified GO Zone loss: 1. Property Casualty 2. Employee Relocation3. Temporary Employee Housing4. Depreciation of GO Zone Property5. Repair and Renovation
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•Section 179 expensing increased from $108,000 to $208,000
•Capital expenditure ceiling is raised to $1,030,000 for Katrina-related expenses from $430,000
Increase Expensing
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GO Zone Key Benefits(Other Benefits)
• Rehabilitation Expenses
1. Rehabilitation tax credits is increased from 20% to 26% for historic building
2. Tax credit is increased for “qualified rehabilitated” buildings from 10% to 13%
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Louisiana Business Incentives
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State Business Incentives
• Development Refundable Tax Credits20% tax credits on costs
• Film & VideoAllows transferable tax credits on investment in infrastructure if the total base investment is greater than $300,000; each taxpayer shall be allowed credits at the rate of 20% of the base investment.
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State Business Incentives• Sound Recording
Provides the following incentive structure for investments made in “state-certified productions” approved by the LA music commission and the Department of Economic Development
If the total “base investment” is greater than $15,000 and less than or equal to $150,000, each taxpayer is allowed a tax credit of 10% of the actual investment made by that investor If greater than $150,000 and less than or equal to $1M: 15%If greater than $1M: 20%
• Digital Interactive Media ActFor projects certified prior to 2010, income tax credits shall be earned at the rate of 20% of LA investment for the first 2 years;Income tax credits shall be earned at the rate of 15% of the LA investment for the following 2 years of the project;Income tax credits shall be earned at the rate of 10% for a final 2 years of the project
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State Business Incentives
• Restoration Tax AbatementUp to 10 years for renovated buildings located in the Downtown Development District or historic/economic development district
• Venture Capital Match and Seed Capital Programs
The state offers businesses one dollar for every two dollars of private investment
• Louisiana Major Projects Development Authority
Allows for major awards for significant capital project including land acquisition, development, planning, financing and construction based within the entertainment industry
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