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Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics

Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics Louisiana State University. Compound Benefits, Comprehensive and Continuing Impact

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Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics

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  1. Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics Louisiana State University

  2. Compound Benefits, Comprehensive and Continuing Impact • ‘Arts and entertainment’ offering serves as catalyst for new building, new culture, new behaviors, new jobs, new populace and a new economy • Rehabilitation of/creation of infrastructure leads to construction and capital expenditures • Rejuvenation of tourism and hospitality industry, e.g., • Incentive to vacation in New Orleans (or another LA locale) • Incentive to hold a major convention in the city • Incentive for cruise ships to berth at Port of New Orleans • Development of new hotels, restaurants, retail, gallery and other commercial space has power to transform area(s) into tangible ‘arts centers’ • Broadway South leads to new professions and industries relocating to state – ‘the creative class,’ entrepreneurs and big business

  3. Louisiana Investment in Cultural/Economic Development Platform: Senate Bill 218 • Infrastructure Tax Credit – facilitates the creation of theatrical and performing arts facility/infrastructure projects • Production Tax Credit – promotes production of theatrical, musical, dance and other entertainment events in Louisiana • Labor Tax Credit – supports development of Louisiana work force for production and infrastructure projects, and ongoing operations • Transportation Tax Credit – transitional tax credit facilitates immediate start of theatrical and performing arts events, with ‘sunsets’ in year four Tax credits work individually or collectively – depending on interest and needs

  4. The arts is big business – with Broadway South, this has • far greater significance • New spending – $650 million attributable to tourism • New jobs – ~6,000 due to arts and entertainment, ~8,500 due to bolstered tourism • Almost 14,500 new jobs in total by 2013 • New revenues – net new state revenues (est. $15.4 million) offsets state tax credits (est. $12.1 million) in 2009 and all future years – without accounting for – • New investment – infrastructure, industry. and intellectual and professional capital • New ‘brand’ impact…

  5. …Renewed optimism and opportunity for the state and citizens of Louisiana

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