The OIX online marketplace, which launched earlier this month, facilitates the buying and selling of Louisiana state tax credits. The OIX will trade transferrable credits in the film, digital media, general and historic real estate sectors.
The state’s attractive entertainment tax credit program already means big business in Louisiana — filmmakers invested $1.4B in Louisiana projects in 2011, a substantial increase from the $900M invested in 2010, and projects based in New Orleans—“Hollywood of the South”— were a substantial part of that investment. In 2012, Louisiana became the country’s third most-productive state for film industry behind NY and CA.
Currently the state’s buy-back program offers $0.85/dollar on credits and accounts for 48% of the subsidies — the new online exchange will help companies selling tax credits access to an increased competitive buyer marketplace. Not only will the OIX help facilitate film companies’ access to capital, but also a film tax credit purchased by an in-state business can then utilize the savings for reinvestment locally. In total, the OIX should help boost Louisiana’s and New Orleans’s attractiveness as the best place to do business in film.
Visit the OIX website here.
The New Orleans Business Alliance and acting U.S. Commerce Secretary Rebecca Blank are pleased to announce a $1 million Economic Development Administration (EDA) grant to the New Orleans Business Alliance to help fund the development and implementation of a strategic plan to boost business and job growth in the city.
“This $1 million EDA investment in New Orleans is an example of the Obama administration’s commitment to supporting efforts that lead to long-term economic growth and job creation,” said Acting U.S. Commerce Secretary Blank. “The grant announced today to the New Orleans Business Alliance, which will help the Alliance identify ways to support existing businesses and attract new ones to the region, is part of EDA’s ongoing efforts to aide in economic rebuilding and recovery in the city and its surrounding region.”
|Yesterday, Mayor Mitch Landrieu along with the U.S. Small Business Administration (SBA), Louisiana Department of Economic Development (LED) and the Louisiana Small Business Development Centers (LSBDCs) announced the opening of a Business Recovery Center (BRC) in New Orleans to help local businesses impacted by Hurricane Isaac.“The success of our local businesses is key to our economy and our city’s successful recovery,” said Mayor Landrieu. “It is essential that we provide them timely and easy access to any and all resources available to help them return to business.”The New Orleans BRC will be located at the Mayor’s Job1 office at 3400 Tulane in suite 2400 and will be open Mondays and Tuesdays from 8:30am to 5:00pm, starting Monday, September 10. It will serve as a one-stop shop for local businesses to access a variety of specialized assistance. Specialists from the SBA and the LSBDC will be on hand to meet individually with business owners and help walk them through the process as well as offer counsel on recovery and preparation.BRC services include assessing economic injury, evaluating the business’s strength, cash flow projections and most importantly, a review of all options to ensure each business makes decisions that are appropriate for its situation. They will also provide program information, answer questions and help businesses apply for financial help. No appointment is necessary, and all services are provided free of charge.
Businesses of any size and private, nonprofit organizations can apply to borrow up to $2 million from the SBA to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. These loans cover losses that are not fully covered by insurance or other recoveries.
“I want to commend and thank all our local businesses who worked to return to operation so quickly and I encourage everyone to take advantage of this valuable resource,” said Mayor Landrieu.
First Upscale Downtown Outlet a Key Component of New Orleans Retail Revitalization
The Howard Hughes Corporation (NYSE:HHC) is pleased to announce plans for the redevelopment of Riverwalk Marketplace into an upscale outlet center – The Outlet Collection at Riverwalk.