The Industrial Development Board of the City of New
Orleans, Louisiana, Inc. (the "Board") was created in 1972 by the Council of the
City of New Orleans to promote the retention, expansion, and attraction of business and
commercial enterprises in Orleans Parish expanding employment opportunities.
Assistance is provided through the issuance of long-term, fixed-asset,
tax-exempt and revenue bonds generally from $500,000 to $10,000,000 to acquire land, to
construct, purchase or renovate buildings, and to acquire and install machinery and
The Board can issue bonds without the necessity of calling a public bond
election or having a public sale of bonds. Financing projects by the Board can usually be
accomplished at lower interest rates than those obtainable for conventional financing and
may provide other tax benefits. Although there are additional costs required to secure
revenue bond financing, which would not be incurred in a conventional financing,
significant savings in total financing costs can be achieved, and many of the associated
fees can be paid from the proceeds of the bonds.