§9038.69. Walnut Street Special District
A.Creation. The Walnut Street Special District, a special district and political
subdivision of the state, hereinafter referred to as the "district" is hereby created in the city
of Monroe.
B.Boundaries. The district shall be comprised of the area of the city of Monroe in
the blocks of 108-128 Walnut Street in the city of Monroe to Art Alley (2nd Street), an area
of approximately one city block which shall be further defined by an ordinance of the board
of commissioners of the district.
C.Purpose. The district is created to provide for cooperative economic development
between the district, the city of Monroe, and the owner or owners of businesses and other
property within the district in order to provide for costs related to infrastructure within
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§9038.69. Walnut Street Special District
A. Creation. The Walnut Street Special District, a special district and political
subdivision of the state, hereinafter referred to as the "district" is hereby created in the city
of Monroe.
B. Boundaries. The district shall be comprised of the area of the city of Monroe in
the blocks of 108-128 Walnut Street in the city of Monroe to Art Alley (2nd Street), an area
of approximately one city block which shall be further defined by an ordinance of the board
of commissioners of the district.
C. Purpose. The district is created to provide for cooperative economic development
between the district, the city of Monroe, and the owner or owners of businesses and other
property within the district in order to provide for costs related to infrastructure within the
district as determined by the board of commissioners of the district.
D. Governance. (1) In order to provide for the orderly development of the district
and effectuation of the purposes of the district, the district shall be administered and
governed by a board of commissioners as follows:
(a) The mayor of the city of Monroe, or his designee.
(b) The chair of the Monroe City Council, or his designee.
(c) The President/CEO of the Monroe-West Monroe Convention and Visitor's
Bureau of Ouachita Parish, or his designee.
(d) Any person who is an owner of property within the district, or an authorized
representative of an entity which is an owner of property within the district, if such person
or authorized representative applies to the board for membership on the board, or that
person's or representative's designee.
(2) A majority of the members of the board shall constitute a quorum for the
transaction of business. The board shall keep minutes of all meetings and shall make them
available for inspection through the board's secretary. The minute books and archives of the
district shall be maintained by the board's secretary. The monies, funds, and accounts of the
district shall be in the official custody of the board.
(3) The board shall adopt bylaws and prescribe rules to govern its meetings. The
members of the board shall serve without salary or per diem and shall be entitled to
reimbursement for reasonable, actual, and necessary expenses incurred in the performance
of their duties.
(4) The domicile of the board shall be established by the board at a location within
the city of Monroe.
(5) The board shall elect from its own members a president and secretary, whose
duties shall be common to the offices or as may be provided by bylaws adopted by the
district. The board shall hold regular meetings and may hold special meetings as provided
in the bylaws. All meetings shall be public meetings subject to the provisions of R.S. 42:11
et seq.
E. Rights and powers. In addition to the taxing, tax increment finance, and bonding
authority provided for in Subsection F of this Section, the district, acting by and through its
board of commissioners, shall have and exercise all powers of a political subdivision and a
special district necessary or convenient for the carrying out of its objects and purposes
including but not limited to the following:
(1) To sue and to be sued.
(2) To adopt bylaws and rules and regulations.
(3) To receive by gift, grant, or donation any sum of money, property, aid or
assistance from the United States, the state of Louisiana, or any political subdivision thereof,
or any person, firm, or corporation.
(4) For the public purposes of the district, to enter into contracts, agreements, or
cooperative endeavors with the state and its political subdivisions or political corporations
and with any public or private association, corporation, business entity, or individual.
(5) To appoint officers, agents, and employees, prescribe their duties, and fix their
compensation.
(6) To acquire by gift, grant, purchase, or lease such property as may be necessary
or desirable for carrying out the objectives and purposes of the district and to mortgage and
sell such property.
(7) In its own name and on its own behalf, to incur debt and to issue bonds, notes,
certificates, and other evidences of indebtedness. For this purpose the district shall be
deemed and considered to be an issuer for purposes of R.S. 33:9037 and shall, to the extent
not in conflict with this Section, be subject to the provisions of R.S. 33:9037.
(8) To establish such funds or accounts as are necessary for the conduct of the affairs
of the district.
(9) To do all things reasonably necessary to accomplish the purposes of this Section.
(10) To designate by ordinance any territory within the district as a subdistrict in
which shall be exercised, to the exclusion of the remainder of the district, any authority
provided to the district by Subsection F of this Section or any other provision of this Section
or other law.
F. Taxing, tax incremental financing, and bonding authority. (1) To provide for the
costs of a project to fund infrastructure within the district, the district shall have such tax
increment finance authority, taxing authority, and other authority that is provided to local
governmental subdivisions in Part II of Chapter 27 of Title 33 of the Louisiana Revised
Statutes of 1950, including but not limited to the following: ad valorem tax increment
financing and bonding in R.S. 33:9038.33; sales tax increment financing and bonding in R.S.
33:9038.34; cooperative endeavor authority in R.S. 33:9038.35; bond authority in R.S.
33:9038.38; and ad valorem, sales tax, and hotel occupancy tax authority in R.S. 33:9038.39.
The project to fund infrastructure within the district is hereby deemed to be an "economic
development project" within the meaning provided for in that Part. An agreement entered
into by the district and any affected tax recipient entity authorizing the use and dedication of
the affected tax recipient entity's incremental increase in taxes may include additional public
or private entities as parties to such agreement and may include such terms, conditions, and
other provisions to which all parties to such agreement consent.
(2) Notwithstanding any provision of Part II of Chapter 27 of Title 33 of the
Louisiana Revised Statutes of 1950 or any other law to the contrary, any powers, authorities,
or duties granted under such laws may be restricted to a subdistrict the territory of which
shall be established by ordinance of the board of commissioners of the district.
G. Project financing. The district may pledge any taxes collected under the authority
of this Section to any economic development project in furtherance of the purposes of the
district.
H. Term. The district shall dissolve and cease to exist one year after the date all
bonds, notes, and other evidences of indebtedness of the district, including refunding bonds,
are paid in full as to both principal and interest; however, under no event shall the district
have an existence of less than three years.
I. Liberal construction. This Section, being necessary for the welfare of the city of
Monroe and its residents, shall be liberally construed to effect the purposes thereof.