State awards $1.2 million in grants to benefit Terrebonne businesses

Terrebonne Economic Development Authority last secured approval for $1.2 million in grants for public infrastructure from the Louisiana Economic Development Corporation last week.

The Economic Development Award Program funds public-infrastructure projects that will create jobs, according to a TEDA press release.

Private companies back the awards through job creation and additional investment. However, the dollars will be spent on public infrastructure – site improvements at the Port of Terrebonne, gas and water lines and the construction of a public access road.

TEDA sought the grant dollars on behalf of two local companies, with the approval of Terrebonne Parish Consolidated Government and the Port of Terrebonne, the entities that will own the improved infrastructure. Should the companies fail to create the promised jobs, the grant reverts to a loan payable by the company backing it, according to the release.

One award, totaling $900,000, is part of the incentives package that helped “Project Patrick” decide to expand in Terrebonne Parish rather than move the entire operation to Texas. The effort culminated in a June announcement by Weatherford Gemoco of its $45 million expansion project on La. Highway 311.

That project retains nearly 400 jobs and supports the creation of 50 more, company officials said.

The second award, totaling $281,200, supports the expansion efforts of Eagle Dry Dock and Marine Repairs, a Port of Terrebonne tenant. It supports the retention of 14 employees and creation of 15 new jobs, the release noted.

In determining the award, the state evaluates not only the company’s health and potential for growth, but the state’s return on investment – namely, the amount of tax money each company’s expenditures and the new jobs will create within Louisiana.