The Louisiana House gave final legislative approval Thursday to a bill that would allow tax revenue to be used for the development of a downtown Baton Rouge hotel.
The bill impacts property that the state recently sold. Developer Mike Wampold plans to renovate a nearly century-old, 12-story building on Third Street into a 146 room hotel.
(It) creates jobs for a lot of people in need,” said state Rep. Patricia Smith, D-Baton Rouge.
The legislation would create a tax increment financing district, or a TIF in state government circles. Part of the hotel and sales tax revenue generated by the development could be put toward paying for the project.
If the hotel generates $633,000 a year in tax revenue, the developer would keep $335,000. An additional tax also could be levied.