James Perry 2010 - Mayor for a City that Works

As Mayor, I will implement a coordinated economic development plan to move our city forward through

• Comprehensive planning,
• Reorganizing our economic development structure
• Strategic implementation of key economic development programs.

A long-term plan should begin by focusing on our existing economic strengths so that we can ensure a stable foundation for continued growth. We must not miss the opportunity to build on this economic foundation by supporting budding industries such as health services and biomedical research, advanced manufacturing, creative industries, small businesses, and alternative energy technologies. These economic development initiatives will allow us to achieve our urban redevelopment priorities such as reducing crime, improving schools and health facilities, ensuring safe and affordable housing, stopping corruption, rebuilding infrastructure and restoring city services.

Effective organization requires restructuring the city’s economic development resources in a coordinated effort based on public-private partnerships and community participation. Implementation of this comprehensive plan will utilize the resources of experts, task forces, and partnerships to carry out specific and coordinated economic development projects as described in this plan. Implementation of the Perry Plan also calls for establishing clear goals and metrics for review. With renewed leadership, we can successfully implement these major development projects and move our city forward to a more prosperous future.

COMPREHENSIVE PLANNING

A successful economic development program requires a comprehensive plan that clearly identifies the administration’s goals and priorities, strategy for implementation, as well as the metrics and methods for evaluation.

Goals and Priorities

The Perry Administration’s commitment to ensuring equitable, sustainable and prosperous economic development can be achieved through the following goals and priorities:

• Develop a comprehensive, coordinated plan for long-term economic development;
• Stabilize and support our core economic drivers such as construction, oil and gas, tourism and the port;
• Encourage new opportunities for economic growth such as film and television, health services, small businesses, advanced manufacturing and Green industries;
• Increase funding for economic development through public-private partnerships, bond issuance and tax incentives; and
• Utilize economic growth to support urban renewal priorities such as reducing crime, improving schools and health facilities, ensuring safe and affordable housing, stopping corruption, and restoring basic services.

Focus on Strengths

In a recent assessment of the city’s economic infrastructure, the RAND Gulf States Policy Institute identified the region’s current economic base as concentrated around four industrial clusters: (1) Maritime industries such as shipping (the port), shipbuilding and repair; (2) Oil and Gas through production and the petrochemical industry; (3) Tourism that prospers from our unique facilities, festivals and attractions; and (4) the Biomedical industry including health services and biomedical research.[1]

Because of our region’s recovery needs, the area has been relatively insulated from the national economic downturn. The University of New Orleans Division of Business and Economic Research found that the construction industry has been the chief force in the New Orleans post-Katrina economy, with non-residential construction activity dominating the local market.[2] In the coming years, it is expected that non-building construction – such as roads and bridges – has the potential to play a large part in our city’s economic activity. Similarly, the UNO report found that Oil and Gas industries remain a positive and productive area of our economy, with employment in the natural resources sector holding at about 96% of pre-Katrina levels.[3] The Port recovered relatively quickly after the storm, and now stands as one of the greatest potential areas for long-term economic growth. The metropolitan retail industry is finally experiencing levels of employment close to pre-Katrina levels. With taxable sales rising above pre-Katrina levels in recent years, this creates real potential for much-needed tax revenue that can help spur economic growth. And while tourism has seen a stronger than expected recovery, this sector has not yet reached its pre-Katrina economic strength. Slowing the New Orleans tourism industry is the perception by potential visitors that New Orleans is damaged from Katrina or that their experience will be impacted by crime.[4]

Realizing our Potential

Meaningful economic development means not only focusing on our strengths, but realizing our potential for a broader and more diversified economic landscape. The Perry Plan will achieve economic diversity and growth by investing in our region’s most promising industries including high-tech industries such as information technology, biotech and alternative energy industries; our small business sector; the aerospace industry growing from the NASA Michoud Facility; food processing plants; higher education with an emphasis on high-skill vocational training to fill the market demands; and creative industries focused around music, television and film.

Addressing our Problems

Building on our strengths and realizing our potential for a stronger economy means that we must affirmatively and definitively address the many obstacles to economic growth. Chief among our city’s problems has been the lack of a continuous, coordinated planning process and a unified vision for the future. The Perry Plan will address this problem by chartering a comprehensive plan and coordinating investment in economic development through public-private partnerships.

This Plan must address the lingering issues of physical infrastructure and flood protection that discourage businesses and residents from setting roots in New Orleans. Across the metropolitan area, even basic services are difficult to provide because of our failing infrastructure. For example, news reports show that New Orleans is losing 50-90 million gallons of water each day to faulty infrastructure. [5] Allowing this amount of water to go down the drain because of a crumbling public infrastructure is emblematic of the waste of the previous administration. Our ability to grow the economy depends on the strength of our infrastructure, including adequate public utilities, flood protection through levees and coastal restoration, and a modern public transportation system.

My Plan will also address the quantity and quality of the labor force by coordinating investment from government agencies and private industry in higher education and vocational training. Finally, the Plan will consider ways in which to improve the city’s relationship with the business sector and the public at large. This includes reforming the permitting and licensing processes, improving service orientation among city employees, and making the city’s contracting process open, transparent and accountable to the public.

ORGANIZING ECONOMIC DEVELOPMENT STRUCTURE

Economic development programs of the past have not achieved their full potential in part because of the lack of any organized economic development structure. Patronage, corruption, and special interests have resulted in fragmented and ineffective economic development programs rather than a coordinated plan for the future of our city. The Perry Plan will restructure the city’s economic development programs and partnerships in order to create a coordinated investment in our city’s economic future.

Coordinated Investment

The Perry Plan will organize a public-private partnership to serve as the unified “investor” of the city’s large pool of economic development funds. Because the city historically controls only about 35% of the total economic development funds, a system of fragmented priorities has emerged. In our region, more than 40% of the total $1.1 billion in economic development funding was directed by five special purpose entities: (1) New Orleans Aviation Board; (2) Exhibition Hall Authority; (3) Dock Board; (4) LSED – Superdome and Arena; and (5) Audubon Commission – Aquarium and Zoo. [6] Coordinated investment in our local and regional growth, led by a strong public-private initiative will ensure that each of these agencies, and the city as a whole, move forward toward a unified vision for economic growth.

Public Private Partnerships (PPP)

An effective PPP will have the capacity to set policy, raise funds, draw on resources and expertise, and implement programs for economic development that are aligned with the priorities of our communities. The PPP will consist of the following components:

First, my administration, working with the City Council, local businesses, industry leaders, economic development agencies and community members, will create an Economic Development Board comprised of approximately 25 leaders of the relevant public and private-sector stakeholder organizations. The Board will have direct responsibility for setting policy for the development effort and raising funds for that effort. Second, the PPP calls for a professional executive staff led by the director of economic development, who would be appointed by the Board for a three year term. The executive director will be responsible for implementing the plan and ensuring coordination of the development program’s activities. Third, the PPP would be supported by the research and expertise of a resource group, whose members will be drawn from the various organizations and individuals currently involved in economic development. The resource group will carry out specific tasks at the direction of the executive director. [7] Fourth, the PPP and its Board must be open, accountable, and responsive to the public interest. The Perry Plan requires that the PPP be subject to regular review by an independent review board, the City of New Orleans, and the residents through open meetings and opportunities for notice and comment on all major economic development initiatives.

An essential goal of the PPP will be to expand funding for the economic development partnerships. It is estimated that the real public-private cost of economic development activities will be $2 to $3 million.[8] A coordinated effort by the PPP will ensure that adequate funds are raised, and used effectively to promote economic growth. [9] To achieve this goal, the city should begin by reserving a significant portion of the Economic Development Fund to fund the PPP, with matching support from the private sector phased in over a five-year period.[10]

IMPLEMENTING ECONOMIC DEVELOPMENT PROGRAMS

The Perry Plan will implement specific initiatives to achieve overall economic development for the City of New Orleans. Implementation will emphasize the city’s unique comparative advantages such as its established tourism industry, its proximity to shipping outlets and oil and gas, and tax incentives supporting entrepreneurs, alternative energy, and creative industries.

Economic Development Initiatives

1.      International Trade Through the Port of New Orleans Expansion

Our region’s greatest physical asset is the Mississippi River. The Port of New Orleans is among the three Louisiana ports that serve as a gateway for nearly 55 to 70 percent of all U.S. exported corn, soy, and wheat, export 53 percent of U.S. grains and transport 20 percent of U.S. petroleum products.[11] Some 380,000 jobs and $47 billion in national economic output in the U.S. are related to cargo at the Port of New Orleans. This cargo created $16.9 billion in annual earnings and $2.8 billion in federal tax revenue. At the local level, the Port of New Orleans supports 52,000 jobs in the New Orleans metropolitan area and contributes $4.4 billion in earnings, $6 billion in spending and $112 million in taxes.[12]

But the Port of New Orleans has fallen on hard times. While the Port was once one of the busiest in terms of tonnage and market share, by 2008 the general cargo shipped through the Port of New Orleans fell to only 6 million tons, the lowest point since 1985. In the last year, the port saw a 15 percent downturn in container cargo.[13]

With a coordinated plan to improve the city’s port infrastructure, this downward trend can be reversed.

The city can help to support the Port of New Orleans 2020 Master Plan, a blueprint to guide short and long term growth for the Port of New Orleans. As Mayor I will lobby aggressively for federal support of port projects. For example, the U.S. Department of Transportation Maritime Administration recently agreed to guarantee loans of more than $40 million to enable the Canal Barge Company, Inc. of New Orleans order additional barges.[14] As Mayor, I will ensure that we work with the federal government to enable more companies to grow along with the port. As Transportation Secretary Ray LaHood noted, “Partnering on projects like this leads to jobs and new orders for U.S. shipbuilders.”[15]

New Orleans must not miss out on the long-term economic benefits that can come from investing in the Port today. The city should invest in the Port expansion to capitalize on the growth of shipping due to occur after the Panama Canal expansion takes effect. By coordinating with state government and private businesses, the city can utilize the tax credits to encourage businesses to invest in the New Orleans port rather than Houston or Mobile. For example, HB 215, signed into law by Governor Jindal in 2009, offers a tax credit to companies that invest in the development of port related facilities. What that means is that a company investing $5 million or more can receive a tax credit worth the entire cost of development.[16]This credit could help bankroll the anticipated $500 million expansion project needed at the Napoleon Avenue Container Terminal. Leveraging our port assets now will allow us to capitalize on increased trade resulting from expansion of the Panama Canal and to better compete with nearby ports in the future.

2.      Health Services and Biomedical Industries

A cornerstone of my administration’s economic development plan will be to make New Orleans a global competitor in bioscience and healthcare industries. To date, numerous development proposals have been put forth, all with the goal of improving health services, creating jobs, and spurring economic development for New Orleans. For example, bold proposals such as those by the New Orleans Regional Biosciences Initiative and the Greater New Orleans Biosciences Economic Development District call for a large geographic cluster of bioscience and healthcare facilities. The co-location of such assets is important, as it fosters cross-fertilization of ideas and collaborations. However, equally important are the communities those services are intended to serve. Just as we must be support innovative industries, we must be innovative in our approach to a economic development and community revitalization. My administration will remain dedicated to community participation in all major economic development initiatives so that we can ensure a unified, and truly equitable, path forward.

Moving forward means investing in new industries, creating jobs, and improving services for the citizens of New Orleans. Developing the biomedical industries will provide cutting edge health services and medical teaching facilities while creating potentially thousands of jobs for downtown New Orleans. A state-of-the-art teaching hospital, tied to a revamped charity-based health care system, is the key component to developing the biomedical complex.[17] These biomedical industries will incubate innovative companies, and could create as many as 6,000 jobs and as much as $1.26 billion in annual economic activity.[18] To ensure opportunities for residents of New Orleans, my administration’s comprehensive economic development plan will coordinates the health industry partners with colleges and technical centers to train and recruit nurses, technicians and maintenance staff for the expanded health facilities.

3.      Encourage Creative Industries

New Orleans stands to gain a great deal, both in terms of revenue and national image, from the development of our creative industries. We are world renowned for our music, art and entertainment, and so it is no surprise that filmmakers from around the world are attracted to our city for its locations and culture. The Motion Picture Investor Tax Credit provides the fundamental incentive for filmmakers to utilize New Orleans as a location and hire local residents to work on projects. This has spawned a budding film industry in our city, which employs thousands of people and generates millions of dollars in revenue for local businesses. We must ensure that New Orleans continues to be a permanent hub for creative industries, not just a temporary incentive for out-of-state businesses.

In order to make the creative industries a part of our long-term economic development, we must also ensure that New Orleans is attractive because of its skilled workforce and its capacity to provide services and resources for multiple production projects. We must work to develop and expand our creative workforce. Many productions cite labor shortages as a disincentive to locating in New Orleans. Expanding our workforce means being aggressive about hiring vocational teachers as well as attracting new students to learn skills that will have them employed in a prosperous industry.  The Perry Administration will create and coordinate training programs for film and television production so that more residents can find new skills and quality work. The City of New Orleans must not simply attract creative industries to use New Orleans as a location – we must encourage them to become a permanent and productive part of our economy. The Perry Administration will explore additional tax incentives for creative industry businesses that establish themselves permanently in the City of New Orleans and hire from the local workforce.

4.      Advanced Manufacturing

The Greater New Orleans region has real potential to become a national leader in advanced manufacturing. Federal, state and local incentives available to the advanced manufacturing industry make our region one of the most competitive locations in the nation. In addition, our region’s unique, multimodal transportation infrastructure provides easy access for companies to the rest of the world. Finally, our region’s skilled workforce provides the foundation for the development of an advanced manufacturing industry. My administration’s economic development plan will coordinate these resources to harness are region’s potential.

The NASA Michoud Assembly Facility should serve as an example of how we can successfully grow the advanced manufacturing industry in New Orleans. Located in New Orleans East, this facility will create approximately 2,400 high-paying jobs and generate hundreds of millions of dollars in economic activity over the next decade and beyond.[19] This collaboration between government and industry is an example of how my administration will work in a coordinated effort to attract advanced manufacturing businesses, create jobs, and strengthen our local economy.

Today, the region which became a leader in manufacturing ships can now become the leader in other advanced manufacturing areas such as boat and shipbuilding and repair; space systems manufacturing; and aerospace component manufacturing. As Mayor, I will ensure that the city’s Public Private Partnership Economic Development Board creates an advanced manufacturing task force to attract industry, identify suitable locations for development, and coordinate with government agencies and workforce training programs so that we can ensure long-term location of advanced manufacturing businesses in our city.

Developing advanced manufacturing must be accomplished in coordination with other economic development programs. For example, advanced manufacturing facilities will rely on our coordinated workforce training and infrastructure development programs, including the expanded port facilities as well as improved ground and rail transportation throughout the region. We must also ensure that the coordinated economic development plan utilizes federal, state and local incentives to attract the advanced manufacturing industry.

5.      Construction and Infrastructure Development

Our city’s physical infrastructure is, quite literally, the foundation for economic development. We must immediately address infrastructure improvements if we are to foster economic development and sustain a prosperous business community. Implementing a comprehensive infrastructure development plan will be a priority for my administration. Within 100 days, I will sign an Executive Order to establish a 21st Century pavement management system. This system will require a central infrastructure database and a comprehensive street network inventory and a condition survey. Coordination of city services and departments will also be a hallmark of my administration. Our plan will ensure that there is coordination between city departments so that pavement management is linked to subsurface infrastructure development, communications and energy utilities, traffic and transportation improvements, and economic development initiatives.

My administration will focus on revitalizing our public infrastructure through non-building construction projects such as road maintenance, utility improvements, transportation projects. These infrastructure construction projects will be strategically designed to promote neighborhood improvement and economic development, such as the improved commercial corridor developed through the Oak Street revitalization project.

Under the past mayoral administration, construction employment in New Orleans has seen a 5 percent decline, while Baton Rouge is seeing a surge in construction jobs even over New Orleans.[20] In a city with so much rebuilding work ahead, there is no reason why New Orleans should not be Louisiana’s leading city in construction employment.

The University of New Orleans Division of Business and Economic Research found that in the years immediately after Katrina the construction industry was the chief force in the New Orleans post-Katrina economy, with non-residential construction activity dominating the local market.[21] In the coming years, it is expected that non-building construction – such as roads and bridges – has the potential to play a large part in our city’s economic activity.

Through public-private partnerships and significant reform in the way City Hall operates, my administration will encourage fast-paced residential and commercial construction across the city, specifically utilizing local workers and small construction businesses. As Mayor, I will foster public participation in all major construction projects to ensure that our progress stays in line with community needs and the strategic vision of the New Orleans Master Plan.

6.      Alternative Energy Technology

In rebuilding from the storm, New Orleans has the unprecedented opportunity to become a national leader in the emerging Green economy. The building of a sustainable city means that we must not only utilize alternative energy, we must invest in our alternative energy industries and workforce. New Orleans must serve as an incubator for high-tech companies that are developing green industries such as solar power, wind power, residential weatherization and energy efficiency, recycling industrial waste energy, LED lighting and high performance windows. As Mayor, I will work closely with organizations such as the Idea Village, and renew the city’s business incubator program to provide resources for alternative energy businesses.

Developing an industry requires employers as well as skilled employees. My administration will work aggressively to ensure that New Orleans achieves goal of creating high-paying green jobs, while developing a skilled alternative energy workforce so that New Orleans can become a Green industry and technology leader. The benefits are just too great to let the opportunity fall by the wayside. For example, the starting salary for solar panel installers in the New Orleans area is between $37,000 and $40,000.[22] Working with organizations such as the Alliance for Affordable Energy’s Green Corp, we can train citizens to become skilled workers in high demand, high-paying jobs that enable them to build sustainable careers. As Mayor, I will make sure that residents of New Orleans have the opportunity to take part in making the Gulf Coast the Green Coast.

7.      Support for Small Businesses

The small business sector has been a critical element of the city’s economic infrastructure that provided 40 percent of the city’s total employment before the storm and significant opportunities for minority entrepreneurs.[23] Even after the devastation of Katrina, there remains a deep sense of opportunity and possibility for entrepreneurs in New Orleans. My economic development plan will build on these strengths to ensure that small businesses, entrepreneurs and employees continue to make significant contributions to our economic growth and regional renewal.

Small business is not only an important economic driver, it forms the backbone of our city’s culture and authenticity. Supporting our small, local businesses allows us to preserve our unique heritage, improve the local economy, promote local decision making and keep more dollars in the community, which generates even greater economic development. I will support the “stay local” concept through collaborations with the city offices of tourism and economic development and community development organizations to market and promote our local businesses.

The city itself can be a great partner for local businesses by offering them the opportunity to compete for city contracts and work on larger projects. The first step in improving opportunities for small business to compete for city contracts is to reform the contract selection process. As Mayor, I will a implement competitive selection process that requires advertizing contracting opportunities widely and with sufficient lead time for small businesses; eliminates ambiguity in RFPs and backroom dealing; provides objective selection criteria; requires diversity in the composition of evaluation teams; requires transparency and review during public meetings; and may give priority for minority and women-owned businesses.

As Mayor, I will coordinate the efforts of existing small business development programs and business incubators toward achieving the unified goals of our comprehensive economic development plan. We must also develop new incentives to support small businesses and attract entrepreneurs to our city. Through business enterprise zones we can develop tax incentive for businesses to expand or locate in New Orleans. Most importantly, my administration will move forward with carefully planned and strategically implemented Tax Increment Financing districts so that we can revitalize neighborhoods and spur citywide economic development.

8.      Bond Issuance

Bonds issued by the city will provide an important stream of revenue for economic development programs. In order to encourage the sale of bonds, the city must improve its position among the bond rating agencies. After Katrina, Standard & Poor’s rated the city at below-investment grade. An upgrade is critical if our city’s hope to selling as much as $80 million in bonds for infrastructure projects each year.[24] Achieving this goal means that we must ensure outstanding management of the city’s finances and improve the city’s debt service coverage ratio. Recently, Standard & Poor’s Ratings Services has boosted its bond rating for the city of New Orleans to investment grade, significant for our city as we seek to develop and fund new initiatives. To improve investor confidence, my administration will seek funding to acquire insurance for our municipal bonds. In addition, my reforms to the budget process will help to raise our bond rating by improving our debt service ratio as well as our city’s image among investors.

9.      Digital Media

Much like the film industry, New Orleans can be at the center of our state’s growing video game development industry. Since 2005, the state has instituted an aggressive tax incentive program for video game production and encouraged workforce development programs at several universities throughout the state. Developers of interactive digital media, such as video games, receive up to a 25% tax credit for qualified digital interactive media production expenditures, as well as an additional 10% tax credit for payroll expenditures for Louisiana residents. By implementing digital interactive tax credits, pursuing small video game development studios and developing workforce programs, New Orleans will continue to attract video game developers and other interactive digital media companies to help build our economy.[25]

10.  Reform Professional Service Contracts

One of the first steps toward economic development is improving our city’s image among investors, the business community, and the public at large. Because of a history of misuse and abuse of public funds, the city maintains an image of corruption and incompetence. As Mayor, I will call for reform of the professional service contract process so that we can operate as an open government and effective steward of public funds. This is what the citizens of New Orleans voted for back in 1995 when they approved the competitive bid amendment to the City Charter. Today, the process has been subsumed by political in-fighting, and my reforms will work to reshape way our city procures professional services.

First, I will present a ballot proposition within the first 100 days of taking office, eliminating separate mayor-council selection procedures in favor of a single process fixed by ordinance. Second, I will require that contract evaluation committees include diverse groups of citizens, not just City Hall insiders. Third, in concert with my commitment to open government, I will require that all city contracts be placed in a single database and placed on the city website for public review. By de-politicizing the procurement process, encouraging competition, and opening the process for public review, we will increase confidence in city contracting, save valuable tax dollars, and create a better environment for overall economic development.

[1] Kevin F. McCarthy, “An Economic Development Architecture for New Orleans,” RAND Gulf States Policy Institute, RAND Corporation, 2008, pg. x – xi.

[2] University of New Orleans, Division of Business and Ecnomic Research, “Metropolitan Report: Economic Indicators for the New Orleans Area,” April 2008, pg. 11.

[3] University of New Orleans, Division of Business and Ecnomic Research, “Metropolitan Report: Economic Indicators for the New Orleans Area,” April 2008, pg. 10.

[4] University of New Orleans, Division of Business and Economic Research, “Metropolitan Report: Economic Indicators for the New Orleans Area,” April 2008, pg. 11.

[5] WWL Report, “Millions of gallons of water still leaking in underground N.O. pipes,” 06:35 PM CDT on Monday, October 12, 2009 http://www.wwltv.com/topstories/stories/wwl101209cbpipes.20e4e5d64.html

[6] BGR at 21.

[7] Kevin F. McCarthy, “An Economic Development Architecture for New Orleans,” RAND Gulf States Policy Institute, RAND Corporation, 2008, p. xiii.

[8] International Economic Development Council, “New Orleans Public/Private Economic Development Partnership: Organizational and Operational Plan,” May, 2008.

[9] Kevin F. McCarthy, “An Economic Development Architecture for New Orleans,” RAND Gulf States Policy Institute, RAND Corporation, 2008, p. xiii.

[10] Ibid.

[11] U.S. Department of Transportation, Maritime Administration, http://www.marad.dot.gov/about_us_landing_page/gateway_offices/eastern_gulf_gateway/Eastern_Gulf_Gateway_Page.htm

[12] Port of New Orleans, 2020 Master Plan at pg. 9.

[13] Journal of Commerce, “State of the Port of New Orleans: challenged but improving,” September 10, 2009, http://www.breakbulk.com/content/?p=908

[14] U.S. Department of Transportation, Maritime Administration, http://www.marad.dot.gov/news_room_landing_page/news_releases_summary/news_release/marad_12-09.htm

[15] Ibid.

[16] Jen DeGregorio, “New tax credits could drimve up cargo through the Port of New Orleans,” Times Picayune, http://www.nola.com/business/index.ssf/2009/07/new_tax=credits_could_drive_up.html

[17] Mike Singletary, “Commentary: Delays for teaching hospital slow economic pulse,” New Orleans City Busines, http://www.neworleanscitybusiness.com/viewStory.cfm?recID=33562

[18] Greater New Orleans, Inc, http://gnoinc.org/industry-sectors/health-biology

[19] Alan Sayre, “New Orleans Gets a Boost from NASA,” MSNBC.com, December 26, 2007, http://www.msnbc.msn.com/id/22389022/.

[20] “Construction employment declines in metro New Orleans area,” Times-Picayune, October 1, 2009, http://www.nola.com/business/index.ssf/2009/10/construction_employment_declin.html.

[21] University of New Orleans, Division of Business and Ecnomic Research, “Metropolitan Report: Economic Indicators for the New Orleans Area,” April 2008, pg. 11.

[22] Emilie Bahr, “Measure touts potential of state’s green industry,” New Orleans City Business, April 27, 2009, http://www.neworleanscitybusiness.com/viewStory.cfm?recID=33160

[23] Ibid. at xi.

[24] S&P Upgrades New Orleans’ Bond Rating, NEW ORLEANS April 21, 2009 (AP).

[25] Louisiana Economic Development, Industry Overview, http://www.louisianaeconomicdevelopment.com/opportunities/key-industries/entertainment.aspx.