The one that got away
January 10, 2012
Roy Ivey
January 13, 2012
Discussion intended to result in a real estate counter-offer is on tap for the Terrebonne Economic Development Authority Board of Commissioners when they meet for the first time this year on Jan. 17.
During that session, the TEDA executive committee is expected to present a recommendation that the board begin work on formulating an offer on property at 187 Corporate Drive that could become a new home for TEDA administrative offices and a new business incubator.
Houma businessman Arlen “Benny” Cenac Jr. owns the building, which includes 4,000 square feet of office space and 2,000 square feet of warehouse area. A covered parking area is included with the property and measures approximately 4,000 square feet. It is listed through Grand Terre Real Estate and carries an asking price of $525,000.
It was estimated by TEDA members that an additional $20,000 in renovations, including repairs to a leaking roof, would be needed to make the building acceptable for their intended usage.
Following discussion that included tossing out speculative figures for an officer, executive committee members agreed to recommend that the board approve the executive committee to begin crafting a counter-offer based on a starting figure to be agreed upon by the full board and not to exceed the lowest assessment on the property. The board will also be asked to allow the executive committee to negotiate financing a purchase.
“I hate to start throwing numbers in there,” board member Morris Hebert said. “It has to be something the board authorizes.”
TEDA presently has approximately $379,000 in reserves that could be used toward a down payment. The Terrebonne Parish Council must approve any TEDA purchase greater than $100,000.
“Once we come to an agreement, that would have to go before the board [of commissioners] for approval,” TEDA Chairman Don Hingle said.
TEDA has been housed at 319 Roussell St. since June 1, 2009. Before that the organization was headquartered at 496 Corporate Drive for almost two years.
A second project requiring both financing and board approval involves conducting a feasibility study that could lead to construction of an oyster hatchery in Terrebonne Parish. “This is among our top 10 goals and objectives to pursue in 2012 that is awaiting ratification by the board of commissioners,” TEDA CEO Steve Vassallo said.
The executive committee will also present to the board of commissioners the recommendation that they join with LSU and the Louisiana Universities Marine Consortium in conducting a feasibility study that could lead to the establishment of an oyster and fish hatchery.
“The feasibility study will take the knowledge that currently exists from the Grand Isle hatchery, determine the dynamics and come out with a recommendation,” Motivatit Seafood CEO and TEDA board member Mike Voisin said.
A hatchery located in Terrebonne Parish would provide both an economic benefit and research development opportunity according to seafood specialists.
Voisin used the Pacific Northwest as an example because that region has developed moleskin shellfish hatcheries that have proven profitable.
“[The Pacific Northwest was] a non-issue in the market 20 years ago,” the seventh generation oyster processor said. “They were not even a major player because they imported seed from Japan and half of it died on the way over in barges. So they didn’t produce many oysters. They developed hatchery technology and the way they are now they are the No. 2 producer. This year, because of our challenges, they will be the No. 1 producers of oysters in the country.”
Voisin said a hatchery in Terrebonne Parish would not only enhance the oyster industry, but could create opportunities with growing and harvesting clams. “We are not a clam player at all, but 15 years ago neither was Florida,” Voisin said.
Past TEDA seafood efforts, that included a failed attempt to establish a cold storage facility, were cited as being different in nature and purpose from the hatchery feasibility recommendation.
“Cold storage is a post-processing and holding product,” Voisin said. “A hatchery is producing a product. When you produce you create dollars. Cold storage is just turning dollars.”
With government funding, a hatchery could be built near the LUMCON facility in Cocodrie.
Other items on the TEDA board agenda will include discussion on downtown development in Houma, a progress report on Angel Fund participation and an announced $50,000 grant to TEDA from the Foundation of Louisiana.
