Find out about the latest news in Madisonville, Louisiana as well as St. Tammany Parish. We will keep you “tuned in” to all of the information about Southeast Louisiana as well as the real estate industry in general. Many new home buyers are concerned about the market, mortgage information, and builder trends. We plan on keeping you as up to date as possible on these and many more topics. There is a lot going on in the Greater New Orleans area, so you will have plenty to read!

St. Tammany Parish School District’s Tax Renewed

This home has hardwood floors. This dining area has a nice chandelier.St. Tammany Parish voters approved the St. Tammany Parish school district tax to be renewed. The tax renewal will bring $102 million to the school district. Voters were in favor of the four property taxes that total 42.72 mills.

The school district’s current budget is close to $453 million. The renewal of the property taxes will cover a big part of the district’s budget. The money will be spread between general school operations, employee salaries and student educational programs.

According to St. Tammany schools Superintendent Frank Jabbia, the taxes will go into effect starting in 2023 and will be collected for 10 years. The communities votes were as follows. For the first property tax, 54% of the residents voted yes for the 4.42 mills that would bring in around $10.52 million per year. The second property tax vote was yes for 55% of the residents. This tax is for 32.41 mills and would collect around $77.1 million annually. The third property tax would be at 3.14 mills and would collected around $7.4 million a year which 54% voted yes. The fourth property tax got 53% of the voters approved and will bring in around $6.5 million per year at 2.75 mills.

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Experts Predict Record Increase in 2022 for Conforming Loans

The housing market has had some price increases in homes in the past year. The spike has not only hit the home buyer’s pockets but has pushed the limits of conforming loans to what experts anticipate may be record increases in 2022.

The Wall Street Journal reported that the maximum loan limit will be close to $1 million for high-cost areas for Fannie Mae and Freddie Mac. Those loans that are over the loan limits will be considered non-conforming or jumbo loans and will also be charged higher interest rates.

Many home buyers are excited about the increase. Those in high-cost areas will now not be considered jumbo loans. “There are so many benefits to having a conforming loan, increasing the loan limits will be huge,” said Melissa Cohn, Regional Vice President at William Raveis Mortgage.

Freddie Mac and Fannie Mae are not lenders but they buy loans back from lenders and turn around and sell them to investors. In turn, loans are cheaper for lenders and they can offer better rates to their consumers.

Now with the higher limit for conforming loans, more homebuyers will qualify. The consumer will spend less on their down payments and can have a lower credit score to be approved.

This change comes as the home prices have increased around 7.42% between the third quarter of 2019 and 2020. Due to the rise, the baseline maximum conforming loan limit will increase.

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A New Steakhouse In Slidell

St. Tammany Parish could see a new steakhouse at the proposed Camellia Bay Casino in Slidell. The restaurant will be opened by New Orleans Saints quarterback Drew Brees and renowned chef John Folse.

Brees is confident in his partnership with chef John Folse who Brees describes as a “Louisiana culinary icon.” Folse not only is a chef but also does TV & radio work, a restaurant developer and the founder of the John Folse Culinary Institute.

Brees, who just retired from the Saints the past year supports the casino project. Not only will there be a casino resort but also a $35 million youth sports complex that will be funded by P2E the company that will bring the casino to Slidell. Peninsula Pacific Entertainment (P2E) is a development company based out of Los Angeles, California. The company will build the casino and operate it.

The Camellia Bay Casino plans to have a total of seven restaurants on site. The casino will be located in East St. Tammany Parish just outside of the city of Slidell. The $325 million project is described as a luxury resort and will also feature an Outdoor Amphitheater, resort-style pool & lazy river, a new dock & Marina, and a convention center.

The revenue and jobs from the casino would be an advantage for St. Tammany. The project is on hold until residents will vote on whether to reverse the 1996 vote to pan casinos in St. Tammany.

“I know that winning is about building the right team. Chef John Folse is a Louisiana culinary icon. And P2E has a proven track record of successfully building first-class resorts like I know Camellia Bay will be. That’s why I’m so excited to announce our collaboration on our first signature steakhouse. We want everyone to come and experience the exceptionally high standard we have for our food here in Southeast Louisiana, with an added touch of my personal history playing for a region I love so much,” said Drew Brees.

“In Louisiana, you can’t have a good time without great food. I am proud to be a part of this tremendous opportunity for St. Tammany Parish,” said Folse. “Together with the team at Camellia Bay, we will build a first class-restaurant that is worthy of the association with one of Louisiana’s Greatest of All-Time – Drew Brees. We hope voters in St. Tammany will vote yes so we can make this a reality.”

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The Future Looks Bright for Camellia Bay, a New Casino Project Planned for St. Tammany

This home is a nice custom built home in Bedico Creek.P2E, also known as Peninsula Pacific Entertainment, has developed a plan to build a $329 million casino resort called Camellia Bay in St. Tammany on the vacant land close to Interstate 10 twin spans. Developers have been working on the proposal for months now and are ready for the vote by St. Tammany voters this December.

The project can have a great impact on St. Tammany’s economy. The casino would bring tourists to the area and draw them to other events and attractions that are helped along the Lake Pontchartrain waterfront in Slidell. Many locals are worried that the project could also have negative impacts on their community.

Some St. Tammany Community residents are concerned that the casino would bring crime and decline to property values. This is not necessarily the case according to the Convergence Strategy Group.

“Through the research we see moderately positive impacts from similar developments across the country all the way down to just no impact, but we have not been able to uncover the negative impacts that many communities have feared,” said Suzanne Leckert, an author of the study.

CSG is a research firm that is based out of New Orleans. They have over 40 years of experience in studying the leisure and gaming industry. According to their study, they found that a casino in the Slidell area would likely have a “moderately positive to negligible impact on surrounding businesses.”

The study included an intense look into the proposed development’s impact on the community. This includes a range of impacts from small businesses and tourism to crime and marriage or divorce rates. They looked at data that has been collected from the Bureau of Labor Statistics, the U.S. Census, municipal governments and interviews with local leaders.

Property values will not drop according to the study. CSG cited that after MGM Springfield opened in Springfield, Massachusetts property values saw a 21.4% increase compared to the smaller growth increase of 2.3% – 14.3% in surrounding areas. Another casino close to home in Baton Rouge, L’Auberge Casino, saw a higher property value increase close to the casino.

“The community impact study provides an abundance of data and information for St. Tammany residents to take into consideration to help them make an informed decision about this project,” Masingill said. “This project … has really been reviewed, has been scrutinized from every single angle. We know that there’s a significant campaign of misinformation and distortions and, look, we want people to have all of the information.”

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The New Tunnel in Tammany Trace Will Be Opening Soon

The Tammany Trace Tunnel broke ground in June 2019 and is about to be completed. The $3.5 million project is being built by Hard Rock Construction. The project will solve the dangerous impediment for bicyclists, joggers and those who enjoy a walk along the Tammany Trace.

Tammany Trace is an asphalt trail that runs from Slidell to Covington, with trailheads near Slidell and in Lacombe, Mandeville, Abita Springs and Covington. It is mainly used for hiking, jogging and cycling. It was funded by federal money and opened its first part in 1994. It was included in the Rails-to-Trail’s Conservatory’s Hall of Fame in 2017.

The location where the trace crosses over La. 59 has been a dangerous intersection for cyclists and joggers. Located close to a mile north of I-12 there is a high volume of traffic there along with an S-curve that limits visibility.

The tunnel was slated to be completed in December says Chris Welty, public information officer for the state Department of Transportation and Development, but the weather will have to cooperate.

Hurricane Ida put a halt to the project when the trace was closed due to fallen debris. Workers have been working diligently to clear fallen trees and miscellaneous debris that fell on the 31-mile asphalt pathway during Ida. St. Tammany Parish government has still not announced a reopening date.

The project will take bicyclists and joggers through the tunnel under La. 59 and will also make the S-curve a little straighter for motorists. Those using the trace will now be able to move beneath La.59 at Emile Strain Road seamlessly. This marks the second tunnel on the trace. The first tunnel opened in 2002 and goes under Florida Street in Mandeville.

As far as the S-curve, it will be realigned and slightly shifted east. Motor traffic has already been routed along the new alignment on the slight curve making it safer for motorists.

As of right now, the tunnel and north approach slab is completed and the south approach slab is currently being constructed. New drainage and driveways are being installed for those that have been affected by the realignment.

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Mile Branch Has Help Cleaning Up With New Abatement Project

Mile Branch is located in Covington and is one of the town’s major streams that go into the Tchefuncte River. The Healthy Communities Grant has been given to Keep Covington Beautiful to help control some of the litter that ends up in and around the stream.

Keep Covington Beautiful is part of the Keep America Beautiful campaign and is designed to keep Covington clean and beautiful. The organization focuses on four major aspects which are beautification, litter prevention, recycling and education. This non-profit 501 c 3 organization strives to enhance and preserve the city of Covington with the help of its citizens. Projects include biannual planting of downtown’s streetside planters, litter prevention, recycling activities and environmental education.

The $7,592 Healthy Communities Grant was provided to Keep Covington Beautiful by Keep Louisiana Beautiful. The goal of the Waterway Litter Abatement Project is to focus on litter clean-up and prevention by adding a litter boom.

The litter boom will be located in Mile Branch close to Pine View Middle School. It will catch floating debris while allowing wildlife, canoes and kayaks through by going over or under it. Once the litter is collected, the vegetative debris will be separated. Then the trash and recyclables will be separated and categorized by type, brand and age.

The Waterway Litter Abatement Project is not only funded by the Keep Covington Beautiful but is also partnered with Osprey Initiative. They want to stop the trash source before it enters in the larger local bodies of water.

Click Here For the Source of the Information.