Go Zone, Walgreens and how dumb do we look?
Baton Rouge is doing pretty well with this program.
On Wednesday, the Bond Commission depleted the competitive pool. About $843 million in borrowing is left in the hardest-hit pool.
In the Baton Rouge area, the commission approved:
* $45 million for a Coca-Cola Bottling Plant under construction near Baton Rouge Metro Airport.
* Up to $35 million for Celtic Management Corp.’s North Winston Avenue film studio and media center near Coursey Boulevard.
* Up to $60 million for Stupp Bros. Inc.’s spiral weld pipe mill. The Ronaldson Road facility near the intersection of Scenic Highway and Thomas Road will produce large diameter light wall pipe.
* Up to $20 million to build a 90,000-square-foot office building.
* Up to $10 million to build a Southern Ionics Incorporated chemical manufacturing facility on Airline Highway near the Huey P. Long Bridge in Baton Rouge.
* Up to $250 million for Perkins Rowe, a retail, office, residential and hotel complex at the corner of Bluebonnet Boulevard and Perkins Road.
* Up to $75 million for the II City Plaza 280,000-square-foot office building and 700-car parking garage.
* Up to $4.5 million for a new headquarters office building for Starmount Life Insurance Co. at Goodwood Boulevard and Connell’s Park Lane.
* Up to $7.5 million to renovate Price LeBlanc Lexus dealership on Airline Highway.
And our Governor elect thinks it is a good thing
People aren’t looking for a handout. They want to go back to work. You know, one of the most effective programs down here has been a GO Zone program that has reduced taxes, given tax-advantaged treatment for people that want to invest down here.
The Go Zone looks to me a lot like legalized patronage.
Because of course Walgreens had to push their way to the front of the trough, and build a store we did not want.
They even attempted to make it seem that they were doing us a favor by bringing in some live entertainment in the way of Richard Petty
They could have had a local musical guest or someone or something that people in this area actually enjoy, but I guess the suits in Illinois think that because we are in the South we all watch cars driving around in a circle.
Just perusing this list is enough to make your blood boil. The Culture of Corruption is La. has been replaced by the Culture of Corporate Greed.
Where is the Grocery Store??
October 29th, 2007 at 7:56 pm
So I am very confused. What exactly was the GO ZONE money suppose to be for. I thought it had to do with rebuilding after Katrina….did Baton Rouge flood and loose most of it’s population…has their infrastructure been compromised? Good bye Govenor Blanco and from New Orleans, thanks for nothin.
October 30th, 2007 at 12:49 pm
GO Zone - Gulf Opportunity Zone
A geographically targeted area for redevelopment/development using Federal dollars allocated to the states.
These areas existed PRIOR to Katrina, but GOZONE projects in areas impacted by Katrina should (in the opinion of many) get priority or at least consideration over those in in areas not impacted (directly) by Katrina.
There were specific addendums - extensions to GO Zone legislation post that allow Louisiana (and other Gulf States) to issue bonds that help investers get the dollars they need to “develop”. But GO ZONE as a concept is NOT new, nor is it 100% new legislation.
http://findarticles.com/p/articles/mi_qn4200/is_20060615/ai
http://www.gozoneonline.com/depreciation.html_n16518655
http://www.getpreconstructiondeals.com/gozoneact.html
October 30th, 2007 at 12:51 pm
http://www.realestatewebmasters.com/glossary/G/Gulf_Opportunity_Zone
GO ZONE - Special tax legislation giving tax incentives to “qualified investors” purchasing “qualified property” . The legislation was passed to help the recovery process in Hurricane ravaged areas and can only be used on assets placed into service in those areas. IRS Publication 4492 gives the specifics of the program. Qualified real estate investors get to take the normal first year depreciation expense plus an additional depreciation expense of 50% of the depreciable value of the property. The legislation was modeled after the Liberty Zone legislation passed after the 9/11 attacks. There has been a lot of misinformation about the GO ZONE and any investors first due diligence should be to contact a CPA familiar with the GO ZONE and determine whether he is a “qualified investor” and that the property is a “qualified property”. This definition of Gulf Opportunity Zone contributed by thataway61.
Based on the definition above… the question becomes WHY is any money going to Baton Rouge?
November 4th, 2007 at 1:19 pm
OK…so who do we ask the above question to?