Community Renewal Good Stories - New Orleans

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RC Designation Sparks Development and Agency Coordination in New Orleans

New Orleans, Louisiana, RC

The New Orleans RC is more than just an incentive-based program for business development. It is a valuable resource linking citizens, entrepreneurs, and more than 600 area businesses with government and community-based services that can reinvigorate neighborhoods and provide job opportunities for residents.

Since receiving its RC designation in January 2002, the New Orleans RC has seen consistent growth in both awareness of the RC program and use of the tax incentives. New Orleans RC staff have used direct mailings and monthly workshops to educate local businesses about the RC tax incentives. Local economic development agencies have taken their show on the road, featuring the RC incentives in presentations to major manufacturers and businesses throughout the country. These national marketing efforts have included large conferences as well as private meetings.

The city of New Orleans has also contributed to the RC awareness campaign. To promote the broader use of RC tax incentives, the New Orleans Finance Department has offered an amnesty program for businesses operating without appropriate occupational licenses. The city will help these businesses obtain their licenses and will not penalize them for being unlicensed. City officials hope that this effort will increase the number of businesses able to take advantage of the tax incentives.

The Carrollton Shopping Center has been a major beneficiary of RC tax incentives. The owners of the shopping center received a CRD allocation in 2003, allowing them to deduct $5.7 million in construction costs over just 10 years instead of the normal 39 years and save thousands of dollars in taxes. The project created 75 new jobs and the owners were able to construct 7 new stores at the location. In addition, the shopping center is triggering new development: two other projects are underway nearby that will not only add businesses and jobs to the area, but also bring much-needed services and opportunities to the area.

For more information on the New Orleans RC, contact Community Investment Officer Daphne Cola at 504-658-4376.