business
Improvements around Magnolia Marketplace slated for financing through 1-percent sales tax there
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Improvements to utilities around the new Magnolia Marketplace on South Claiborne will be paid for by an additional 1-percent sales tax on purchases there that should last around 15 years, based on legislation being forwarded to the New Orleans City Council for approval Thursday. Magnolia Marketplace is a 97,829 square-foot development that Stirling Properties hopes to open in March of 2015. The shopping center would sit on the 6.5-acre site near the intersection of South Claiborne Avenue and Toledano Street. The $24 million development — which already has signed leases from seven retailers — would bring a projected $30 million in sales during its first year, according to Aimee Quirk, adviser to the mayor for economic development. That would translate to hundreds of thousands of dollars in sales tax for the city, Quirk told the City Council Economic Development Committee.