06/18/2026
HISTORY 2013!
project. Who Remembers???
"The cooperative endeavor agreement detailing incentives to IBM, including the office building, specifically anticipates/recognizes Front St, wholly owned subsidiary of Wilbur Marvin Foundation, (WMF) to carry out WMF's obligations. It is not uncommon for such special entities to be established in executing real-estate development projects.
The Wilbur Marvin Foundation a 509(a) support organization of the Baton Rouge Area Foundation (BRAF), as well as BRAF itself, played a critical role in helping us secure the 800-job IBM project for Baton Rouge and through their role as the developer of the office anThe Wilbur Marvin Foundation (WMF), a 509(a) support organization of the Baton Rouge Area Foundation (BRAF), as well as BRAF itself, played a critical role in helping us secure the 800-job IBM project for Baton Rouge and Louisiana through their role as the developer of the office and residential components. For example, WMF managed and funded cost estimates and architectural renderings that were critical to securing the IBM project. BRAF/WMF secured a sale/donation of the old Advocate site, which was critical to making the whole project work. WMF legally committed to building a high-quality office building (with agreed specifications) at a set price, even if they experience costs greater than anticipated WMF is providing all landlord/management services to the IBM office space; however, WMF will not receive any fees for these services for the FIRST 15 years of operations. Additionally, WMF is developing and privately financing the residential portion of the development, as well as the portion of the land attributable to the residential portion of the project. Any profits that WMF will ultimately receive as a result of its involvement in the office building will go toward funding community development activities of the Baton Rouge Area Foundation, as WMF's function is to support BRAF. The $500,000-per-year in lease payments that WMF will receive for the first 15 years of the IBM building will only cover direct operating costs (i.e. electricity & maintenance). Louisiana construction funds are being used solely to reimburse the cost of the IBM-dedicated office space. The total State & LOCAL commitment to the IBM building project is $30.5 MILLION.”
Source: Stephen Moret, Secretary
Economic Development