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Amazon developer seeks $35.4 million property tax abatement from BR for Cortana facility
Posted on 2/9/21 at 9:24 pm
Posted on 2/9/21 at 9:24 pm
quote:
The real estate firm developing a massive distribution center for Amazon on the site of the former Cortana Mall is seeking a 10-year property tax abatement on the project worth $35.4 million.
Under the proposed arrangement, which will go before the Metro Council for approval Wednesday, the Capital Area Finance Authority will take title to the property once Seefried Industrial Properties, the Amazon developer, has acquired the various parcels from the respective owners. CAFA, which is a public trust and therefore does not have to pay taxes, will then enter into a long-term lease agreement with Seefried that includes the 10-year property tax exemption.
In return, Seefried’s contract with CAFA will require the company to create 1,000 local jobs. Seefried also will agree to pay 100% of school taxes over 10 years, even while it is exempt from other local property taxes like those that support police, fire, libraries and parks.
The vehicle under which the deal is being structured is known as a payment in lieu of taxation, or PILOT.
“Seefried wants to pay 100 percent of the school taxes that will be due over the next 10 years to abate some of the other taxes,” CAFA President and CEO Mark Drennan says. “In return, they will hire 1,000 employees and create a whole new atmosphere at the abandoned Cortana Mall site. We are doing this to facilitate an economic development project for Baton Rouge.”
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Posted on 2/9/21 at 9:25 pm to Sentrius
Pay the man.
Posted on 2/9/21 at 9:27 pm to OysterPoBoy
quote:
Pay the man.
Posted on 2/9/21 at 9:27 pm to Sentrius
Together Baton Rouge not gonna like that
Posted on 2/9/21 at 9:29 pm to Sentrius
It’s not like that tax money would be used for anything beneficial anyways
Posted on 2/9/21 at 9:29 pm to Ed Osteen
Worth every penny.
Posted on 2/9/21 at 9:30 pm to Sentrius
Funny the liberal companies like Amazon try and reduce their tax burden to the absolute minimum they can get. Almost like they’re trying to run smaller businesses away by advocating for taxes they know they can avoid.
This post was edited on 2/9/21 at 9:30 pm
Posted on 2/9/21 at 9:32 pm to Sentrius
Baton Rouge is in zero position to negotiate
Posted on 2/9/21 at 9:35 pm to jlovel7
Amazon isnt a "liberal company"
it's a massive corporation that benefits from government protection, writes its own regulations, sells information and services to many government entities.
it's a massive corporation that benefits from government protection, writes its own regulations, sells information and services to many government entities.
Posted on 2/9/21 at 9:37 pm to Sentrius
But how is Gravy supposed to skim that?
Posted on 2/9/21 at 9:38 pm to Sentrius
Do the police still show up if you get exempted from paying city and police taxes?
Posted on 2/9/21 at 9:42 pm to Sentrius
Give it to them. Pocket change compared to what 1,000+ jobs will do.
This post was edited on 2/9/21 at 9:43 pm
Posted on 2/9/21 at 9:42 pm to Sentrius
Saving $35 million is goi by to be the least of their worries when the theft starts and employees start getting robbed and attacked in the parking lot.
Posted on 2/9/21 at 9:42 pm to Sentrius
Standard for most any decent size development these days. It's been going on in DFW for at least 30 years.
Posted on 2/9/21 at 9:47 pm to LSUtoOmaha
quote:
Baton Rouge is in zero position to negotiate
Because nobody can ship goods to people in the Baton Rouge/South Louisiana area without government stepping in and helping Amazon?
I love that local businesses that compete with Amazon have to pay and Amazon doesn't. Not to mention they pay less than some of the jobs they will displace.
Posted on 2/9/21 at 9:48 pm to TheFlyingTiger
quote:
it's a massive corporation that benefits from government protection, writes its own regulations, sells information and services to many government entities.
In other words, 21st century rent seeking.
Posted on 2/9/21 at 9:50 pm to Sentrius
Seefried are a bunch of smartasses.
Dealt with them on this project over two years ago; they think they know everything.
Good luck BTR.
Dealt with them on this project over two years ago; they think they know everything.
Good luck BTR.
Posted on 2/9/21 at 9:53 pm to Unobtanium
quote:
In other words, 21st century rent seeking.
yes. but to call it a "liberal company" is empty headed Sean Hannity level idiocy.
its like being mad at any other Corp that sends it's managers through critical race theory training and promotes woke causes.
they can give something to the public without spending or losing money. easier to appease a fake issue than to pay reparations to an angry occupy wall street crowd, for example.
the money they DO spend gets them into cabinet positions and other seats of power where they can again... write their own regs and make sure the competition is fricked.
This post was edited on 2/9/21 at 10:01 pm
Posted on 2/9/21 at 9:57 pm to LSUtoOmaha
quote:
Baton Rouge is in zero position to negotiate
Why? The whole point is that they want these facilities in every city in order to make it cheaper to deliver goods to those metro areas.
It's not like this is a facility that is shipping product all over the country/world. It can't be anywhere. It has to be in the BR metro. There will be similar things in Shreveport, Lafayette, New Orleans, Mobile, etc.
These are not good paying jobs, btw. Many people working at Amazon qualify for state assistance. UPS, FedEx, and the USPS all pay more.
This post was edited on 2/9/21 at 9:59 pm
Posted on 2/9/21 at 9:57 pm to TheFlyingTiger
Do away with all tax credits
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