KEY TAKEAWAYS: The New Orleans City Council approved a payment in lieu of taxes agreement Nov. 5 for the proposed $625 million Omni headquarters hotel. The development will include more than 1,000 guest rooms and approximately 100,000 square feet of meeting and event space. City officials esti mate the project will create 2,500 construction jobs and 1,400 permanent positions. The hotel is projected to generate approximately $8 million in new annual local tax revenue while strengthening New Orleans’ convention and tourism industry.   The New Orleans City Council has approved a payment in lieu of taxes agreement for the proposed $625 million Omni headquarters hotel at the Ernest N. Morial Convention Center, advancing a major hospitality development expected to create thousands of jobs and generate new tax revenue. The council approved the resolution Nov. 5, authorizing a payment in lieu of taxes, or PILOT, agreement for the project. The resolution was sponsored by Council Vice President Matthew Willard. The proposed hotel will feature more than 1,000 guest rooms and approximately 100,000 square feet of meeting and event space. The development is intended to expand the city’s capacity to attract conventions, major events and leisure travelers. Under the PILOT agreement, the hotel will make payments to the Orleans Parish School Board and other local taxing authorities based on an established formula. The agreement also includes baseline employment requirements designed to ensure the development delivers economic benefits to the community. City officials estimate the project will create approximately 2,500 construction jobs and 1,400 permanent positions. “The new Omni Hotel is a major economic win for New Orleans, creating roughly 2,500 construction jobs and 1,400 permanent jobs,” Willard said. “It will generate millions in city sales tax revenue, millions in annual payments in lieu of property taxes, millions in upfront permit fees, and millions more from the sale of one block of John Churchill Chase Street. The new hotel at the Convention Center will transform property that currently generates no city revenue into a lasting economic asset for New Orleans.” The project is expected to generate approximately $8 million in new annual local tax revenue, according to Jeffrey Schwartz, the city’s deputy mayor for community and economic development. Schwartz described the council’s approval as a significant milestone for the development, which city officials have championed. “This $625 million project will have outsized benefits for our city, creating thousands of jobs for New Orleanians, generating $8 million in new, annual local tax revenues, and ensuring that New Orleans remains one of the premier destinations for conventions and major events in the country,” Schwartz said. The headquarters hotel is designed to support the convention center by providing additional accommodations and meeting space near the facility, strengthening New Orleans’ ability to compete for large conventions and events. ...read more read less