2002 Section 108 Project Summary - Louisiana

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Economic Development

NEW MEGAPLEX THEATER TO CREATE 12 SCREENS AND 100 JOBS
New Orleans LA Palace of the East Project $ 5,000,000

The City of New Orleans will use Section 108's award of $5,000,000 in loan guarantee assistance to finance the Palace of the East Megaplex Theater Project. Section 108 funds will be lent to the Palace of the East, LLC, to construct a 52,000 square-foot theater within the Lake Forest Plaza Mall, which is located in the heart of East New Orleans. Upon completion, the Megaplex Theater will include 12 screens with 2,250 seats. Additional lease space will be available for large and small group shows, and special events. The project expects to create 100 full-time jobs, principally held by low- and moderate-income persons.

ARTWORKS PROJECT TO MOBILIZE CITY'S EMERGING ARTS COMMUNITY
New Orleans LA Louisiana ArtWorks Project $ 7,100,000

Section 108 awarded the City of New Orleans $7,100,000 in loan guarantee assistance that will finance an arts and cultural project known as the Louisiana ArtWorks (ArtWorks), a joint venture among the City, the New Orleans Arts Council, and the State of Louisiana. The City will lend Section 108 loan proceeds to the Arts Council, a nonprofit arts organization, for restoration of a building façade, improvements to an existing building, and new construction that upon completion will provide 90,000 square feet of commercial space. The Arts Council, which has extensive experience in promoting the arts, developing programs and locating venues for showcasing the arts, will own and develop the facility. The facility will offer shared space, individual studio space, and access to specialized artist equipment. It will also offer retail opportunities while allowing the public to observe the creative process. ArtWork's total cost is estimated at $23,841,727. ArtWorks' concept of the "artists as entrepreneur" is expected to create 260 job opportunities for low- and moderate-income artists.