The bill amends and reenacts several provisions of the law governing the Downtown Development District (DDD) of New Orleans, specifically R.S. 33:2740.3. Key changes include the classification of the DDD as a political subdivision, the appointment process for board members, and the terms of the special tax levied by the city. The board will consist of eleven members, with specific appointments made by the mayor, city council, and various organizations, and members will now serve staggered five-year terms starting in September 2025. Additionally, the bill outlines the process for filling vacancies and confirms that board members must be qualified voters and have a principal place of business or own property within the district.

The bill also addresses the collection and disbursement of a special ad valorem tax, which will be used exclusively for the district's benefit. It establishes that the proceeds from this tax will be paid directly to the district and outlines the requirement for voter approval before any taxes or bonds can be levied or issued. Furthermore, it mandates that if bonds are issued, the district must transfer a portion of the tax revenues to the Board of Liquidation, City Debt, to cover principal and interest payments on those bonds. Overall, the bill aims to enhance the governance and financial management of the Downtown Development District in New Orleans.

Statutes affected:
SB286 Original: 33:3(A), 33:3(A)(2)
SB286 Engrossed: 33:3(A), 33:3(A)(2)
SB286 Reengrossed: 33:3(A), 33:3(A)(2)
SB286 Enrolled: 33:3(A), 33:3(A)(2)
SB286 Act 595: 33:3(A), 33:3(A)(2)