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ORDINANCE

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The following Ordinance was adopted by:
GRAMBLING LEGENDS SQUARE TAXING DISTRICT
STATE OF LOUISIANA
ORDINANCE NO. 10 OF 2017
BY THE GRAMBLING LEGENDS SQUARE TAXING DISTRICT:
AN ORDINANCE AUTHORIZING THE SALE OF CERTAIN PROPERTY OWNED BY THE GRAMBLING LEGENDS SQUARE TAXING DISTRICT TO THE TITAN FIDELITY GROUP CORPORATION, AND OTHERWISE PROVIDING WITH RESPECT THERETO:
WHEREAS, the Grambling Legends Square Taxing District ( the “District”) is the owner of certain property located within the City of Grambling, more particularly described in Exhibit “A”, attached hereto; and
WHEREAS, Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950, as amended (La. R.S. 33:4717.2) provides that any political subdivision of the State, which is permitted by law to own land for industrial inducement purposes shall have the authority to sell, lease or otherwise dispose of, by suitable and appropriate contract, property owned by the political subdivision to any enterprise locating or existing within, outside of, or adjoining to such political subdivision; and
WHEREAS, the Louisiana Constitution of 1974, Article VII, Section 14(C), provides that for a public purpose the State and its political subdivisions may engage in cooperative endeavors with each other and with any public or private association, corporation or individual; and WHEREAS, La. R.S. 33:9038.66 authorizes the District to engage in cooperative economic development with public or private entities, specifically including the construction of a hotel development project, and provide for economic development for the City of Grambling and the District; and WHEREAS, the economic benefit to the District resulting from the sale of the property described in Exhibit “A” to the Titan Fidelity Group Corporation will exceed the value of the obligations of the District undertaken herein, and the sale contemplated herein has a public purpose and is in the public interest of the District and the citizens of the City of Grambling; and
WHEREAS, the District has determined it is in the best interest of the District to sale the property described in Exhibit “A” to the Titan Fidelity Group Corporation for the purpose of encouraging the location of commercial business facilities, including a hotel and development project resulting in a significant positive impact on the District's economy; and WHEREAS, the appraised value of the property proposed to be sold to the Titan Fidelity Group Corporation is Three Hundred Thousand and No/100 ($300,000.00) Dollars; and WHEREAS, property described in Exhibit “A” is part of a 9.039 acre tract, which the District purchased for One Hundred Eighty Thousand and No/100 ($180,000.00) Dollars; and WHEREAS, the District has determined the hotel development project will create a public benefit, specifically the creation of twenty-three (23) permanent jobs; anticipated utility and service revenue in the amount of Twenty Four Thousand Seven Hundred Five and 60/100 ($24,705.60) Dollars annually; anticipated property taxes of at least Ten Thousand and No/100 ($10,000.00) Dollars annually; and the generation of hotel occupancy tax and sales tax revenues in excess of One Million Eight Hundred Thousand and No/100 ($1,800,000.00) Dollars over a period of ten (10) years. The hotel development project will also create additional economic benefit to restaurants, retail establishments, and other businesses and services located within the District and the City of Grambling; and WHEREAS, the District has concluded the economic impact derived by the creation of permanent jobs, and the generation of tax revenue is an essential factor in determining the consideration for this transaction. NOW THEREFORE, BE IT ORDAINED by the District, acting as the governing authority, that the District in due, regular and legal session convened, that it does hereby authorize the sale of the property described in Exhibit “A” to the Titan Fidelity Group Corporation, in consideration of the economic development initiatives described hereinabove with the terms and conditions more particularly described in the cash sale deed attached hereto as Exhibit “B”.
BE IT FURTHER ORDAINED, in accordance with the provisions of La. R.S. 33:4717.2, the District shall provide notice of its intention to sale the property described in Exhibit “A” by publication of a notice of intention once a week for two (2) consecutive weeks, beginning at least fourteen (14) days from the date such action is contemplated. Such notice of intention shall include the following: (1) a general description of the proposed transfer; (2) a description of the property to be transferred; (3) the proposed consideration to be given in exchange for said property; (4) a statement that the proposed contract is on file for public inspection in the office of the political subdivision; (5) a statement as to the appraised value of such property as determined by a real estate appraisal made within the previous twelve months; and (6) a date, time, and place at which objections to such transfer will be received. Should five percent of the resident electors of the political subdivision object to said proposed transaction, an election shall be held for the purpose of submitting the question of the transfer to the voters in accordance with Chapter 6-B of Title 18 of the Louisiana Revised Statutes of 1950.
BE IT FURTHER ORDAINED, the cash sale deed describing the property to be sold to the Titan Fidelity Group Corporation will be on file for public inspection in the Office of the Clerk of the City Council of the City of Grambling in accordance with the provisions of La. R.S. 33:4717.2. BE IT FURTHER ORDAINED, that this Ordinance shall not be adopted or otherwise become effective prior to July 12, 2017. BE IT FURTHER ORDAINED, if any provision or item of this ordinance or the application thereof is held invalid, such invalidity shall not affect other provisions, items or applications which can be given effect without the invalid provisions, items or applications, and to this end, the provisions of this resolution are hereby declared severable. BE IT FURTHER ORDAINED that all ordinances or parts thereof in conflict herewith are hereby repealed.
Approved as to legal form:

July 13, 2017

Date
This Ordinance having been introduced at a properly called meeting on June 22, 2017 and then submitted to a vote at a properly called meeting on July 13, 2017, the vote thereon was as follows:
YEAS: Boardmembers Yanise Days, Cathy Holmes, G. Denise Dupree, Cullen Jackson, Roy Jackson, Mary Gipson, and Edward Jones
NAYS: None
ABSENT: None.
And the Ordinance was declared adopted on this 13th day of July, 2017.
ATTEST:
/Cathy Holmes/
Secretary /Birdex Copeland/
Chairman
3td:July 19, 30 & August 2, 2017

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