The State Bond Commission on Thursday approved the sale of $14 million in bonds to fund an historic warehouse project at NOCCA, the New Orleans Center for the Creative Arts. The up-front cash generated by the sale will pay for the design, renovation and reconstruction of the warehouse for use by the art conservatory. The total cost of the...
The State Bond Commission on Thursday approved the sale of $14 million in bonds to fund an historic warehouse project at NOCCA, the New Orleans Center for the Creative Arts. The up-front cash generated by the sale will pay for the design, renovation and reconstruction of the warehouse for use by the art conservatory.
The total cost of the project hovers just below $25 million and will be funded by the bond sale, state and federal historic tax credits, proceeds from a fund drive as well $900,000 in capital outlay money. A $2.6 million private donation is also included.
The commission approved the bond sale without objection Thursday after revenue officials made clear the sale was contingent upon NOCCA correcting a discrepancy in the funding flows for the project.
The bonds will be paid back at 10 percent interest within the next 30. NOCCA is a local and state-operated high school providing education in the culinary arts, dance, media arts, filmmaking, music, theater, visual arts and creative writing.