Deal means millions for New Orleans infrastructure
NEW ORLEANS (AP) — Louisiana Gov. John Bel Edwards has announced an agreement that will give New Orleans more than $67 million for infrastructure needs — including the city's aging sewer, water and drainage system.
The deal also includes $26 million in annual recurring funding. That will depend on passage of legislation that includes a 1% tax on hotel room rentals and a 6.75% tax on short-term housing rentals.
Edwards announced the deal in a joint statement Monday with Mayor LaToya Cantrell. Cantrell had been pushing for New Orleans to get more tourism tax revenue.
Edwards says the $67 million in upfront money comes from state hazard mitigation grant and loan funds and the deferral and restructuring of loans the city owes the state.