Drive Shack and the developers behind the new golf-entertainment complex proposed for the former Times-Picayune headquarters are seeking to create a new taxing district which would increase sales tax at the Drive Shack facility, according to our friends at Uptown Messenger.
In particular, the group is seeking the creation of a new “Broad Street Sports Entertainment and Dining Economic Development District” which would raise the sales tax from 9.45 percent to 11.45 percent at Drive Shack. The developers would keep 1.5% and give .5% to the city. There would be no reduction in city revenues.
The company has argued that this is a good way to offset development costs without dipping into the city’s revenue. The developers have also offered to split the increase 50/50 with the city, if the city agrees to link Howard Avenue to downtown, which would create a new entrance to Drive Shack.
Drive Shack plans to create 300 jobs at the location.
The developers presented in front of the City Council’s Economic Development Committee, and will continue the process in front of the City Council in the coming months.
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