Adams and Reese Special Counsel David Wolf
was interviewed in a Fox 8 Television News Exclusive, "Go Zone Money Goes Elsewhere," broadcast on August 26th and appearing on the news station's website.
The story discusses the fact that even though the state of Louisiana has received nearly 7.9 billion dollars of GO Zone bonds, only about 441 million have been issued to projects in Orleans Parish, while 5 and a half billion have went to projects elsewhere in the state.
Wolf, who represents the Industrial Development Board, explains, "Some of the larger allocations went to refineries in St John and St James parishes and also a large refinery project in Lake Charles. But the New Orleans projects for the most part have been rather small. There was only one project in Plaquemines parish and one project in St Bernard parish."
Wolf continues: "Parts of the state that weren't as badly affected by the storms of 2005, the economy there was already on the rebound. It was strong and there were projects in the works, ready for financing sooner than projects in New Orleans. The biggest problem I think with the program is that Congress did not make it attractive enough for banks and lenders to support small businesses."
At Adams and Reese, Wolf is a member of the Public Finance and Banking and Finance teams and focuses his work on creating and growing the regional public finance practice of the firm. He has acted as bond counsel for numerous state and local government agencies and entities in Louisiana. He represents parishes, municipalities, school boards, industrial development boards, port commissions and special service districts. He advises local governments, non-profit 501(c)(3) organizations and for-profit businesses with respect to taxable and tax-exempt financing alternatives available under federal, state and local laws. Adams and Reese is a multidisciplinary law firm with offices strategically located throughout the southern United States and Washington, DC. American Lawyer includes Adams and Reese on its distinguished list of the nation's top law firms - "The Am Law 200". The National Law Journal also includes the firm on the "NLJ 250" list of the nation's largest law firms.