May 15, 2013 9:16 AM by AP
NEW ORLEANS (AP) - The New Orleans Industrial Development Board has approved a property tax break for Starlight Studios, allowing construction to move forward on the proposed movie production complex.
The $28 million project, to be built on a 32-acre vacant plot of land across from the Michoud Assembly Facility, is projected to include four sound stages with 96,000 square feet of space and a 30,000-square-foot office building.
The Times-Picayune reports the IDB agreed Tuesday to assume title to the property for 10 years, during which time it will lease the land back to the Starlight developers in exchange for an annual PILOT, or "payment in lieu of taxes."
Starlight's first payment to the board in 2014 will be based on the current tax rate and the assessed value of the vacant property.