Charles Landry was successful in petitioning the East Baton Rouge Metro Council to annex several significant St. George-area businesses to Baton Rouge.  The Metro Council’s January 8, 2020 approval of the annexation was unanimous.  The pro-Baton Rouge businesses include Turner Industries, an affiliate of Stirling Properties, the Louisiana School Employees Retirement System, and affiliated businesses that own much of United Plaza.  …

Charles Landry represents several significant St. George-area businesses that seek annexation to Baton Rouge.  His clients include Turner Industries, an affiliate of Stirling Properties, the Louisiana School Employees Retirement System, and affiliated businesses that own much of United Plaza.  The total assessed value of the real property at issue is $16 million. The Metro Council will vote on the annexation petitions on Wednesday, January 8, 2020.  Read more here.

At the request of Mayor Joel Robideaux, the City-Parish of Lafayette recently hired Charles Landry and Lauren De Witt to assist in the creation of six Economic Development Districts (EDDs) in the City of Lafayette. The Council ultimately voted in favor of creating five EDDs. The EDDs add an important tool to the City’s economic development toolkit, with the ability to levy up to 2% sales taxes and hotel taxes and to partner with third party nonprofit groups and private developers to fund and construct a variety of economic development projects within the EDD. …

Fishman Haygood prevailed on a securities law issue of first impression before the United States Court of Appeals for the Fifth Circuit.  Citing the Delaware Supreme Court, the Fifth Circuit overturned the district court’s ruling that Louisiana investors in Delaware hedge funds lacked standing to bring securities fraud claims against their former investment advisers under Louisiana law because Delaware law would require the investors to join the fund in a derivative action.  …

Fishman Haygood client, Stirling SST Con1, L.L.C. (an affiliate of Stirling Properties, L.L.C.), sold a portfolio of Walgreens stores to ExchangeRight, a real estate firm in Pasadena, California.  The sale involved the defeasance of a commercial mortgage-backed securitized loan held by U.S. Bank National Association, and the replacement of the mortgage collateral with government-backed securities.  The sale closed on August 14, 2019.

Steven Serio and Carson Haddow were Stirling’s counsel for the transaction.

All of the Who’s Who Legal-Real Estate “Thought Leaders-Global Elite 2019” in the United States, including Fishman Haygood Partner Scott Willis, are Fellows of the American College of Real Estate Lawyers (ACREL). ACREL is national organization comprised of outstanding real estate attorneys. …

As more investors eye lucrative investment opportunities in Qualified Opportunity Zones, the SEC and state regulators will be monitoring securities activities associated with the program. Maureen Gershanik advises that, at the federal level, careful compliance with these four areas of securities regulations will help avoid costly violations that could delay or even prevent a transaction: Securities Offering Regulation, Broker-Dealer Regulation, Investment Adviser Regulation, and Investment Company Act Regulation.  Learn more in Maureen’s article that was recently published by the ABA Probate & Property Magazine.

The Community Development Financial Institutions (CDFI) Fund today announced the opening of the calendar year 2019 allocation round of the federal new markets tax credit (NMTC). Applications are due October 28, 2019. The CDFI Fund anticipates announcing 2019 NMTC awards in summer 2020. The CDFI Fund provides resources including an introduction to the NMTC program, the NMTC program application, the Notice of Allocation Availability (NOAA), an Awards Management Information System navigation guide, an application FAQ and an application roadmap presentation here.

The Opportunity Zones (“OZ”) tax incentive allows taxpayers to defer until 2026 taxes on capital gains if those profits are reinvested in opportunity funds–which are equity funds that invest in businesses in opportunity zones.  Read more about Opportunity Zones here.  If you have questions about Opportunity Zones, contact Charles Landry.

Real Estate Developers in Louisiana can receive tax dollars to enhance projects through Economic Development Districts (EDDs).  EDDS are strictly defined geographic areas that are authorized and created by ordinance of the city or parish where they are located.  The vast majority of EDDs generate tax revenues for real estate developments from sales and use taxes and hotel occupancy taxes, though property taxes may also be used.  Read more about EDDs here. If you have questions about Opportunity Zones, contact John Werner or  Charles Landry.

Fishman Haygood and New Orleans CREW (Commercial Real Estate Women), welcomes CREW delegates from across the country for the 2019 CREW Network Leadership Summit.  This multifaceted meeting brings together the top leaders in CREW Network to learn from one another about chapter management, but also to learn from leading experts about the critical leadership skills that give you the business advantage.