Greetings:

The Industrial Development Board of the City of New Orleans, Louisiana, Inc. (the "Board") was created in 1972 by the Council of the City of New Orleans to promote the retention, expansion, and attraction of business and commercial enterprises in Orleans Parish, and to expand employment opportunities.

Assistance is provided through the issuance of long-term, fixed-asset, tax-exempt revenue bonds generally from $500,000 to $10,000,000 to acquire land, to construct, purchase or renovate buildings, and to acquire and install machinery and equipment generally from $500,000 and above.

The Board can issue bonds without the necessity of calling a public bond election or having a public sale of bonds. Financing projects by the Board can usually be accomplished at lower interest rates than those obtainable for conventional financing and may provide other tax benefits. Although there are additional costs required to secure revenue bond financing, which would not be incurred in a conventional financing, significant savings in total financing costs can be achieved, and many of the associated fees can be paid from the proceeds of the bonds.