Ricky John Bergeron
June 2, 2008June movie releases
June 4, 2008Houma contractor Lea Rutter’s application with the State Bond Commission to receive $6 million in Gulf Opportunity Zone funding for improvements to his land development on St. Charles Street in Houma received a boost from the Terrebonne Economic Development Authority board.
TEDA approved issuing a letter supporting Rutter’s application at a board meeting last week.
The development on St. Charles contains a new Walgreens Drug Store.
The commission is administering $8 billion in low-interest GO Zone bonds to businesses in areas along the Gulf Coast damaged by hurricanes Katrina and Rita. The bonds are tax-free for investors.
The Louisiana Public Finance Authority is sponsoring Rutter’s application with the bond commission.
Rutter needed a letter of support from another public body, said TEDA expansion director Katherine Gilbert.
He requested an endorsement from TEDA, said CEO Mike Ferdinand.
Rutter had to reapply for financing after excessive demand forced the commission to tighten access to GO Zone bonds last year.
Ferdinand said the bond commission has been reconsidering requests for GO Zone funding since then.
Also at the meeting, the TEDA board approved giving $10,000 to the Houma-based Morganza Action Coalition.
The coalition is lobbying Congress to appropriate money for Morganza to the Gulf, the mainly federally-funded flood-prevention project bringing hurricane protection levees to Terrebonne Parish for the first time.
“It’s priority number one,” said board chairman Mark Folse.
TEDA is using excess revenue collected last year from occupational license fees to support the coalition.
