$3.5M land offered to TEDA

The Terrebonne Economic Development Authority will assess the value of commercial property Weatherford intends to donate to the parish with “due diligence” and potentially use the property as an economic enticement for a local or prospective business in Terrebonne Parish.

Board Chairman Don Hingle said officials at Weatherford had contacted former CEO Mike Ferdinand last year to express interest in donating the Industrial Boulevard property, which is in a flood zone.

The easy-to-flood property is not likely to be used as a location for the planned cold storage site.

“I’m thinking about using it as a parallel site for cold storage, but I don’t think that’s going to work,” Hingle said. “It’s in a flood zone, plus it’s too late in the game.”

Hingle said the vacant property was appraised at slightly less than $3.5 million and asked the board to review it. He suggested that the finance committee would estimate the cost needed to maintain the property.

After the donation goes through regular board procedure, if it is accepted, it would be used as an incentive to businesses that are considering leaving or entering the parish.