Louisiana Revised Statutes 33:4720.71 – Definitions
Terms Used In Louisiana Revised Statutes 33:4720.71
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
The following terms whenever used or referred to in this Chapter shall have the following meaning unless a different meaning is clearly indicated in the context:
(1) “Area of operation” means the area within the corporate limits of the municipality.
(2) “Authority” means the New Orleans Redevelopment Authority in and for the city of New Orleans created pursuant to this Chapter.
(3) “Blighted area” means an area which by reason of the presence of a substantial number of slum, deteriorated or deteriorating structures, predominance of defective or inadequate street layout, faulty lot layout in relation to size, adequacy, accessibility, or usefulness, unsanitary or unsafe conditions, deterioration of site or other improvements, diversity of ownership, tax or special assessment delinquency exceeding the fair value of the land, defective or unusual conditions of title, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations or constitutes an economic or social liability and is a menace to the public health, safety, morals, or welfare in its present condition and use; but if the area consists of any disaster area referred to in La. Rev. Stat. 33:4720.57(G), it shall constitute a “blighted area”.
(4) “Bond” means any bond including refunding bonds, notes, interim certificates, certificates of indebtedness, debenture, or other obligation.
(5) “Bond resolution” means a resolution authorizing the issuance of revenue bonds pursuant to this Section.
(6) “City’s comprehensive plan” means that plan defined in La. Rev. Stat. 33:101 through 119.
(7) “Clerk of council” means the official of the city who is the custodian of the official records of the local governing body.
(8) “Community development entity” shall have the same meaning as the meaning given to it in Section 45D of the Internal Revenue Code.
(9) “Community improvement area” means a slum area or a blighted area or a combination thereof or an area in which functionally obsolescent facilities are located which the local governing body designates as appropriate for a community improvement project.
(10) “Community improvement plan” means a general plan for a community improvement project, which plan shall conform to the general plan for the municipality as a whole except as provided in La. Rev. Stat. 33:4720.57(E) and shall delineate the community improvement area affected thereby. It shall be sufficient for the plan, for each community improvement area, to contain a general description of those matters proposed to be carried out in the community improvement area, such as any or all of the following: land acquisitions, demolition and removal of structures, redevelopment, improvements, rehabilitation, zoning and planning changes, if any, land uses, population densities, or building requirements. Detailed, particularized proposals for the implementation of all or any portion of a community improvement plan shall be deemed modification of the plan, within the meaning of La. Rev. Stat. 33:4720.57(E). The foregoing definition, as herein amended, shall apply to any community improvement plan heretofore or hereafter approved pursuant to La. Rev. Stat. 33:4720.57.
(11) “Community improvement project” means undertakings and activities for the elimination and prevention of the development or spread of slums, blight, and functionally obsolescent facilities and may involve slum clearance and redevelopment in a community improvement area, or rehabilitation or conservation in a community improvement area, or a program of code enforcement in a community improvement area, and may include open land which, because of its location or situation, or both, is necessary for sound community growth which is to be developed by replatting and planning, or any combination or part thereof in accordance with a community improvement plan. Such undertakings and activities may include:
(a) Acquisition of a slum, blighted, or functionally obsolescent facility area or portion thereof.
(b) Demolition and removal of buildings and improvements.
(c) Installation, construction, or reconstruction of streets, utilities, parks, playgrounds, and other improvements necessary for carrying out in the community improvement area the redevelopment objectives of this Chapter in accordance with the community improvement plan.
(d) Except as otherwise set forth herein, disposition of any property acquired in the community improvement area, including sale, initial leasing, or retention by the agency itself, at its fair market value for uses in accordance with the community improvement plan.
(e) Carrying out plans for a program of code enforcement and a program of voluntary or compulsory repair and rehabilitation of buildings or other improvements in accordance with the community improvement plan.
(f) Acquisition of real property in the community improvement area which, under the community improvement plan, is to be repaired or rehabilitated in accordance with the provisions of this Chapter for repair or rehabilitation of the structures and resale of the property.
(g) Acquisition of any other real property in the community improvement area where necessary to eliminate unhealthful, unsanitary, or unsafe conditions, lessen density, eliminate obsolete or other uses detrimental to the public welfare, eliminate functionally obsolescent facilities, or otherwise to remove or prevent the spread of blight or deterioration, or to provide land for needed public or quasi public facilities.
(h) Acquisition, without regard to any requirement that the area be a slum or blighted area, of air rights in an area consisting principally of land in highways, railways or subway tracks, bridges, drainage canals, waterways, levees, wharves, warehouses, docks, tunnel entrances, or other similar facilities which have a blighting influence on the surrounding area and over which air rights sites are to be developed for the elimination of such blighting influences and for the provision of improvements and related facilities and uses set forth in the community improvement plan.
(i) Construction of foundations and platforms necessary for the provision of air rights sites for improvements and related facilities and uses set forth in the community improvement plan.
(j) The preservation of historic structures or locations within a project area by removing deleterious surroundings.
(k) Relocating within the project area a structure which the authority determines to be of historic value and which will be disposed of to a public body or private nonprofit organization which will renovate and maintain such structure for historic purposes.
(12) “Economic development project” means and includes any project involving the development, construction and equipping of residential, educational, commercial, retail, industrial, manufacturing, institutional, recreational, and other facilities, as well as all structures and appurtenances necessary or convenient in connection therewith, and shall include any new markets project.
(13) “Families of low income” means those families or persons, as defined in La. Rev. Stat. 40:384, whose income is less than the amount determined by the Housing Authority of New Orleans to be necessary to enable them without financial assistance to live in decent, safe, and sanitary dwellings without overcrowding.
(14) “Federal government” means a department, agency or instrumentality, corporate or otherwise, of the United States of America.
(15) “Financing agreement” means and includes any agreement relating to an economic development project between or among participants in the economic development project or the financing related thereto, including without limitation, lease or sublease agreements, sale agreements or loan agreements.
(16) “Local governing body” means the council charged with governing the city of New Orleans.
(17) “Local option” means the option and discretion of the local governing body.
(18) “Mayor” means the officer having the duties customarily imposed upon the executive head of the municipality.
(19) “Municipality” means the city of New Orleans.
(20) “New markets project” means any economic development project financed in whole or in part through the use of the federal new markets tax credit described in Section 45D of the Internal Revenue Code or the Louisiana new markets tax credit described in La. Rev. Stat. 47:6016.
(21) “Obligee” means any bondholder, agent, or trustee for any bondholder or lessor demising property used in connection with any community improvement project, or any assignee, or assignees of such lessor’s interest or any part thereof, and the federal government when it is a party to any contract with the agency.
(22) “Person” means any individual, firm, partnership, corporation, company, association, joint stock association, or body politic and shall include any trustee, receiver, assignee, or other person acting in a similar representative capacity.
(23) “Public body” means the state and any parish or municipality and any board, commission, authority, agency, district, subdivision or department, agency, instrumentality, corporate or otherwise, of the foregoing.
(24) “Qualified active low-income community business” shall have the same meaning given to it in Section 45D of the Internal Revenue Code.
(25) “Qualified equity investment” shall have the same meaning given to it in Section 45D of the Internal Revenue Code.
(26) “Qualified low-income community investment” shall have the same meaning given to it in Section 45D of the Internal Revenue Code.
(27) “Real property” means all lands, including improvements and fixtures thereon, and property of any nature appurtenant thereto or used in connection therewith, and every estate, interest, right or use, legal or equitable, therein, including terms for years and liens by way of judgment, mortgage, or otherwise.
(28) “Related activities” means planning work for the preparation of a general neighborhood renewal plan or for the preparation or completion of a communitywide plan or program and the functions related to the acquisition and disposal of real property pursuant to La. Rev. Stat. 33:4720.56(4).
(29) “Revenue bond” means any bond issued pursuant to this Section.
(30) “Slum area” means an area in which there is a predominance of buildings or improvements, whether residential or nonresidential, which by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for ventilation, light, air, sanitation, or open space, high density of population and overcrowding, or the existence of conditions which endanger life or property by fire and other causes, or an area of open land which, because of its location or situation, or both, the city limits, is necessary for sound community growth, by replatting and planning and development, or any combination of such factors is conducive to ill health, transmission of disease, infant mortality, juvenile delinquency, or crime, and is detrimental to the public health, safety, morals, or welfare.
Acts 2004, No. 349, §1; Acts 2005, No. 437, §1, eff. July 11, 2005; Acts 2006, No. 666, §1, eff. June 29, 2006.