A close review of Ordinance 97, which will create a new economic district designed specifically to benefit Curtis "50 Cent" Jackson, raises key questions that need to be answered at the Monday Sept. 22 work session
Here is a non-exclusive list:
1. When will an ordinance be introduced to abolish the current Red River Tax Incentive Finance (TIF) district , and why was this not proposed for adoption simultaneously with the passage of legislation creating the new TIF?
2. What is the current fund balance of the Red River TIF District, what funds have been collected during the existence of this TIF, how were the funds dispersed, and will the fund balance be remitted to the new TIF?
3. When will the economic development corporation (District Manager) be established, and will this entity be the leasing agent for the new TIF district or will the City continue with Lea Hall as the leasing agent?
4. Other than the 2.75% City sales and use tax collected over the Annual Local Base (as defined in the ordinance), will any other City moneys be designated to pay any bonds issued on behalf of the District?
5. Can an additional sales tax be imposed on the District, and if so what is the maximum amount and what steps must be taken to effectuate this?
6. Is it correct that any bonds issued on behalf of the new TIF district will be revenue bonds with no guarantee of any payment by the City?
Bond Council Mike Busada has an excellent track record of fully explaining municipal bonds, the underwriting requirements , and the process of issuing bonds. Hopefully he will be on hand at the work session to directly answer these questions and provide more information on the role of the City, the economic development corporation (District Manager) and the Northwest Louisiana Finance Authority (Issuer) and his firm (Specail Counsel) as set forth in this ordinance.