Redevelopment Authority to consider $28.9 million in tax incentives

The Community Development Entity of the East Baton Rouge Redevelopment Authority will consider allocating $28.9 million in federal New Market Tax Credits for a pair of projects at its board meeting Thursday. Both projects pass what’s known as the “but for” test, which means the projects wouldn’t happen if not for the credits, says Mark Goodson, the authority’s executive vice president and COO. Honeywell International would receive $17.5 million in credits to support a $33 million project at its Baton Rouge refrigerant manufacturing facility. Goodson says one of the products the facility makes was becoming obsolete, due to changes in environmental regulations. The funds will help Honeywell upgrade its facility to produce a new, more environmentally friendly product and retain 200 jobs. The board also will consider approving $11.4 million for a YMCA that would be the first piece of the Americana “traditional neighborhood development” near Zachary, Goodson says. Beyond what’s typically available at any YMCA, the facility also will offer some medical services, programs for seniors and after-school programs for children. “We see it as a real benefit, in terms of what it’s offering that community that doesn’t currently exist,” he says. Goodson says at least 40% of the workers at the YMCA will come from low-income households. The authority has deployed just over $23 million of a $60 million allocation of new market credits; the rest has been committed and could be deployed by the middle of this year. “Hopefully in February, we’ll be awarded another allocation of tax credits,” Goodson says. The authority will also consider $67,500 in business improvement grants for the Ogden Market, Tessier Building and Renaissance Center. —David Jacobs