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State approves Lake Charles TIF request for economic development projects

Updated: Mar. 26, 2021 at 6:03 PM CDT
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LAKE CHARLES, La. (KPLC) - Going forward, the state is making sure future development projects in Lake Charles are a priority.

Earlier this month, the Louisiana Joint Legislative Budget Committee approved a Tax Increment Financing (TIF) request that would grant the city a portion of generated sales tax earnings for future development projects.

Mayor Nic Hunter says it’s the first request of its kind to be approved in over eight years.

”Here we are a year later, finally, going back before JLBC asking for their approval, which we did receive unanimous approval,” said Hunter.

He said this latest win for the city has been two years in the making.

”What we have asked the state for is 2 pennies of their 4.45 pennies moving forward. This would only be on the increments, so the growth in those areas.”

The move would mean thousands of dollars to help aid projects along the Lakefront, Interstate 10 and Enterprise Boulevard.

”We’re going to be using this to upgrade infrastructure, roads, drainage, water, sewer, streetscapes. There’s so much that is needed in those areas. So again, this is a big deal for the City of Lake Charles.”

Hunter says in addition to the six million dollars already invested into these districts, the extra funding will be an added benefit in helping the area recover long term from last year’s storms.

”It’s going to add up to hundreds of thousands of dollars annually for the city. It’s not going to happen overnight, it’s not going to happen tomorrow.” Hunter said. “This is the first TIF request approved by the State of Louisiana in more than eight years and will mean more money for local infrastructure that will continue to entice more economic development along these corridors.”

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