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DEVELOPMENT BONDS

NOIDB PILOT APPLICATION

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ABOUT THE IDB

The Industrial Development Board of the City of New Orleans, LA, Inc. (“IDB”) is committed to building and re-building a better New Orleans. Its primary mission is to assist in the creation of new projects and the revitalization of existing sites. The Board is dedicated to its mission and its charge of making economic development a priority. The intent of this report is to provide you with a description of the Board, its function, the impact of projects approved by the Board and a financial overview of the IDB. The identities of the current members of the Board of Directors (its governing body) are also included to help better acquaint the people of the City with those who serve the City voluntarily through the Industrial Development Board.

DESCRIPTION

The IDB is a public corporation. It is an instrumentality of the City, created by the City Council giving it the ability to issue taxable and tax-exempt revenue bonds and other obligations to acquire land, construct, purchase or renovate buildings, to acquire and install machinery and equipment and to finance any other economic development efforts. The IDB can issue bonds without the necessity of calling a public election or having a public sale of bonds. Financing undertaken by the IDB often results in below market interest rates and/or a negotiation of ad valorem tax obligations, termed as PILOT (Payment In Lieu Of Taxes).

HISTORICAL BACKGROUND

The IDB was created in 1972 by the New Orleans City Council to promote the retention, expansion and attraction of business and commercial enterprises in Orleans Parish, and to expand employment opportunities. Since its inception, the IDB has been an integral part of the construction of new developments in the City and in the renovation and revitalization of historical sites. The IDB’s governing body, its board of directors, consists of 15 directors. The officers of the corporation are the President, one or more Vice Presidents, and a Secretary/Treasurer. All members of the IDB are appointed by the New Orleans City Council and the Mayor.

Years following its inception, the IDB received funding for its operation through the City. However, in 1997, as a result of the settlement of an insurance claim from the fire of the Pic ‘N’ Save distribution center, (a project financed through the IDB), negotiations among the City Council, Jimmie Thorns, Jr., (the IDB President), and other IDB members, resulted in the City agreeing to give a portion of the proceeds to the IDB as start-up funding so as to assist it in becoming a self-sufficient entity. Since that time, the IDB has grown in terms of office operations and in its policy and procedures practices.

The IDB is now a self-sustained public corporation, with daily monitoring of office activities and matters. With an on-line accounting system and policies and procedures in place for daily operations, the IDB operates as a full-blown business operation. A line of communication has been established with the City and its economic development and city planning departments including the Mayor and the Office of Recovery and Development Administration. The IDB currently monitors over 79 active and pending files. It has a very active, volunteer-based working Board.  Board member activities include, but are not limited to, participating at board meetings, reviewing every application, attending committee meetings and attending groundbreaking ceremonies of projects given final approval by the IDB Board and so much more. Each application given preliminary approval by the IDB Board is subject to a cost/benefit analysis prior to any final determinations by the Board to issue bond financing if a PILOT (Payment in Lieu of Taxes) is requested. These cost/benefit analyses provide critical information to the Board as to all costs to the City and all benefits that may be accrued by the City if the project is given final approval. Prior to 1997, cost/benefit analyses were non-existent.

The IDB is located at 1340 Poydras Street, Suite 1106 in New Orleans, LA.

 
 
 
 
 

 

 

 

 

 

         

INDUSTRIAL DEVELOPMENT BOARD OF THE CITY OF NEW ORLEANS, LOUISIANA, INC.

Contact Us:
Sharon Martin - Administrator
Industrial Development Board of the City of New Orleans
1340 Poydras Street, Suite 1114
New Orleans, Louisiana 70112
Telephone: 504 658-4242 · FAX: 504 617-6514
E-mail: mail@idbcno.com
Mail To:

P.O. Box 19996
New Orleans, Louisiana 70179