Metro Council to consider restoration tax abatements for three buildings

Three separate properties will be introduced for entry into the Louisiana Restoration Tax Abatement Program at Wednesday's Metro Council meeting that would keep an estimated annual revenue of $171,425 off the tax rolls for the next five years. The most significant of the three is the $1.4 million upgrade Amedisys has planned for the Schwegmann's building at 5959 South Sherwood Forest Blvd. The redevelopment will serve as Amedisys' headquarters and possibly add 150 new jobs to the economy. The assessed value of the building is $300,000; after rehabilitation it is expected to be $1.7 million. After renovation, the annual tax abatement is expected to be $150,601. "They would still have to pay the property tax based on the assessed value prior to their rehabilitation," says interim Urban Development Director Gwen Hamilton. The Tessier Building, at 342 Lafayette St., built in 1762, is in the planning stages for a 1,000-square-foot expansion to 9,750 square feet, including three apartments and commercial office space. The assessed value of the building is $31,900; after rehabilitation it is expected to be $146,250. The annual tax abatement is estimated at $13,370. The former location of Avoyelles Café, 333 Third St., is expected to undergo a $600,000 facelift for a new tenant, City Bar, which is based in Lafayette. The assessed value of the building is $74,250; after rehabilitation it is expected to be $138,000. The annual tax abatement is estimated at $13,370. Though the Metro Council will introduce the item Wednesday, it is not scheduled to vote on the abatements until Oct. 24. —Adam Pearson

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