STATE OF LOUISIANA NO. 12,128
CITY OF MONROE
The following Ordinance was introduced by Harvey , who moved for its adoption and was seconded by Marshall .
AN ORDINANCE AUTHORIZING A COOPERATIVE ENDEAVOR AGREEMENT by and between the city OF MONROE and THE WALNUT STREET SPECIAL DISTRICT AUTHORIZING THE SHARING OF TAX INCREMENTS WITHIN THE BOUNDARIES OF THE DISTRICT IN CONNECTION WITH THE CITY’S efforts to support and incentivize an ECONOMIC development project as DEFINED IN AND provided for PURSUANT TO the cooperative economic development law pusuant to la. r.s. 33:9020, et seq.; and for related purposes.
WHEREAS, the Mayor and City Council of the City of Monroe, Louisiana (the "Governing Body" of the "City"), hereby finds, determines, adjudicates and declares as follows:
- The Walnut Street Special District (the "District") was created on September 15, 2021 by Ordinance NO. 1 of 2021 of and by the District pursuant to Part III, Chapter 27, Title 33 of the Louisiana Revised States of 1950, as amended (Section 9038.69(F)) (the "District Act") as a political subdivision of the State of Louisiana (the "State") to carry out the purposes allowed under the District Act; and for other related purposes.
- The Board of Commissioners (the "Board") of the District submitted a Cooperative Endeavor Agreement (the "Agreement") authorized pursuant to Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 33:9020, et seq.) (the "Cooperative Economic Development Law") allowing for the City to cooperate or engage in cooperative endeavors providing for cooperative financing of certain economic development activities with the District and with any other private or public entity or person, for the purpose of aiding in cooperative development, all as defined in the Cooperative Economic Development Law in including more specifically the development (the "Development") contemplated by and between the City, the District and Walnut Street Developer, LLC, a Louisiana limited liability company (the "Developer").
- For the purposes of financing the costs of Development project or projects within the District, the District shall have such tax increment finance authority, taxing authority and other authority which permits the District to levy (i) a sales and use tax at a rate of up to two percent (2.00%) and (ii) a hotel occupancy tax at a rate of up to two percent (2.00%), each for authorized purposes (collectively, the "District Tax").
- The proceeds of the District Tax (after paying the reasonable and necessary costs and expenses of collection and administering the District Tax), will be paid into a trust fund established by the District (the "Trust Fund") created under the Agreement and will be dedicated to and used to pay the costs of the Development; and for other related purposes.
NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY, ACTING FOR AND ON BEHALF OF THE CITY, AS FOLLOWS:
SECTION 1. The foregoing whereas clauses are hereby adopted as set forth in the preamble to this Ordinance.
SECTION 2. This City does hereby approve the Agreement in accordance with the District Act and Cooperative Economic Development Law as described in the foregoing whereas clauses.
SECTION 3. The Mayor and City Clerk are hereby authorized, empowered, and directed to take any and all such action as may be necessary to carry into effect the provisions of this Ordinance.
SECTION 4. If any one or more of the provisions of this Ordinance shall for any reason be held to be illegal or invalid, such illegality or invalidity shall not affect any other provision of this Ordinance, but this Ordinance shall be construed and enforced as if such illegal or invalid provisions had not been contained herein. Any constitutional or statutory provision enacted after the date of this Ordinance which validates or makes legal any provision of this Ordinance which would not otherwise be valid or legal, shall be deemed to apply to this Ordinance.
SECTION 5. This Ordinance shall immediately take effect upon adoption.
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This Ordinance was introduced on the 28th day of June , 2022.
Notice published on the 1st day of July , 2022.
This Ordinance having been submitted in writing, introduced and published, was then submitted to a vote as a whole, the vote thereon being as follows:
AYES: Harvey, Ezernack & Dawson
NAYS: Woods & Marshall
And the Ordinance was declared ADOPTED on the 26th day of July , 2022.
Carolus S. Riley
Oliver Friday Ellis