Ordinance 97 will be on the Shreveport City Council agenda for adoption next Tues. Sept. 23.
Here are more particulars on this detailed ordinance:
1. An economic development corporation (District Manager) will be formed with initial directors and shareholders Bonnie Moore, Arlena Acree, Terry Moore, Drayden Dunn , Harlan Chumley, the DDA president and an individual recommended by the North Louisiana Economic Partnership.
2. The District Manager will "develop, maintain, update and implement an economic development plan" for the newly created TIF District. Additionally, "the District Manager shall be responsible for reviewing and recommending the Economic Development Projects to be funded with District Funds" to the City Council to finance projects in the District.
3. The Northwest Louisiana Finance Authority and the mayor will enter into a cooperative endeavor agreement for the Authority to issue bonds. THE TIF CAN NOT ISSUE BONDS.
4. The Ordinance specifically states that "in no event shall the City have any responsibility for the repayment or servicing of any such bonds from other sources and except to the extent monies are pledged by the City as provided in the cooperative endeavor agreement, no such bonds shall constitute or create an obligation, general or special, debt, liability or moral obligation of the City."
5. The ordinance does NOT specifically define what "monies are pledged by the City." Presumably the only money to be pledged will be the incremental sales taxes.