DALLAS A proposal to issue $37.1 million of sales tax revenue bonds for infrastructure at a $500 million commercial development in Livingston Parish will be decided Sept. 19 by Louisiana’s State Bond Commission.
Juban Crossing Economic Development District wants to issue bonds to fund roads, bridges, drainage canals, and utility lines for the 470-acre development that will include retail shops, restaurants, apartments, and entertainment venues.
The bonds will be supported by dedicated portions of existing sales taxes levied by the parish and drainage district and a special 2% sales tax within the district. The development district’s levy brings the total sales tax within Juban Crossing to 10.5%.
The development district can also levy a property tax to support the debt.
Gov. Bobby Jindal vetoed bills in 2012 and 2013 that would have authorized the use of state funds for the development that supporters said would generate 2,500 jobs.
The 2013 legislation establishing a tax increment financing district to issue bonds supported by 1% of the state’s 4% sales tax generated in the 470-acre shopping district.
The Juban Crossing development is scheduled to open in October 2014.
The bond commission will also consider a request for a $227 million refunding of state general obligation bonds issued in 2005. The resolution stipulates the refunding bonds will mature no later than August 2019.
Louisiana Transportation Authority wants authorization to refund $176 million of outstanding toll revenue bonds issued for its 18-mile LA 1 bridge project to replace an existing road that often floods.
Requests from Louisiana Community Development Authority include a $26 million of revenue bonds to fund a parking garage at the University of Louisiana at Lafayette and another $26 million authorization for additions to an indoor athletic practice facility at the school.