Redevelopment Authority to seek new, permanent revenue sources

The East Baton Rouge Redevelopment Authority, established with funding support from the local Mortgage Finance Authority, has delivered a range of benefits for various projects, from $7,500 business improvement grants to multimillion-dollar New Markets Tax Credit allocations. But while the RDA has enough money to keep the lights on, they’ve deployed all of their program funds and will need more resources to remain viable. “We’re definitely going to need a permanent financing source,” says President/CEO Walter Monsour. “We’ll be ready to make that case in the next several months.” One possibility is an urban renewal district in Mid City that would allow the RDA to collect tax increment financing, using projected increases in tax revenue to pay for current projects and improvements. “The trick is to find the baseline of the increment financing that allows the city to continue without any harm to their general fund budget,” Monsour says. As the RDA becomes self-sufficient, the TIF revenue stream could be replaced or allowed to sunset. The authority will lead development of a mixed-use “urban village” at Smiley Heights in Mid City, which will be the first project in which it has an equity stake. It also has applied for another New Markets allocation, and plans to seek Community Development Block Grant funds. The RDA released a progress report today, detailing how it has deployed nearly $67.4 million in its three-year history. You can access the complete report here. —David Jacobs