[StBernard] St. Bernard angling for tax credits

[Westley Annis]

Port officials enlisted in $150 million bid 
Friday, February 16, 2007
By Karen Turni Bazile
St. Bernard Parish government officials are joining with officials from the
St. Bernard Port, Harbor and Terminal District to apply for as much as $150
million in tax credits to spur construction. 

The credits are from a U.S. Treasury Department program, called the New
Market Tax Credit Program, that could offset initial construction costs for
businesses or service agencies wanting to build or repair structures in most
parts of St. Bernard, said Parish Councilman Craig Taffaro, who is chairman
of the parish's Housing, Redevelopment and Quality of Life Commission. 

Parish officials and a private developer working on the program have said
the credits might be a factor in two upcoming projects: a new hospital and
the redevelopment of the blighted Village Square area in Chalmette. 

 
Taffaro asked the port officials to jointly manage the program because it
requires an entity that has experience managing large economic development
grants. 

The port's board of commissioners approved a measure this week. Port
Director of Administration Drew Heaphy said the program might help fill the
financial gap on some planned projects whose costs have skyrocketed since
Hurricane Katrina. 

Port officials and officials with the parish's housing committee have been
meeting with Craig W. Stanley of Maryland, president of CBO Financial Inc.,
which has experience with the relatively new tax credit program. 

The housing committee recently signed a contract with CBO Financial to write
the application to get parish authorization to administer as much as $150
million of $3.9 billion in tax credits that Congress approved to help areas
affected by Hurricanes Katrina and Rita. 

. . . . . . . 

Karen Turni Bazile can be reached at kturni at timespicayune.com or (504)
826-3321.