TEDA: CDBG cash could fund cold storage center

The Terrebonne Economic Development Authority is considering a resolution to apply for a grant to secure federal Community Development Block Grant money for the Terrebonne Cold Storage and Incubators Project, certifying that the project is an urgent need.

The application for the Disaster Recovery Grant will be submitted through the Louisiana Recovery Authority, the agency established following hurricanes Katrina and Rita in 2005 to administer federal hurricane relief dollars in the state.

The facility, which would provide a place for area fishermen to prepare and store seafood, would be funded as part of the federal government’s effort to aid recovery from hurricanes Gustav and Ike.

TEDA board members in May questioned whether the project should be funded under the urgent needs category, rather than through two other CDBG categories available.

TEDA representatives must declare that the money is needed to “alleviate existing conditions which pose a serious and immediate threat to the health or welfare of the fisheries industry,” according to the resolution.

Representatives must also certify that the agency cannot finance the project and that no other funding is available.

TEDA has also released its budget for the first half of the year. The budget shows that the agency received $669,492 in revenue.

Most of the agency’s funding comes from occupational license fees paid by vendors doing business in Terrebonne.

TEDA spent $30,781 on business retention services over the same time period.

The bulk of that money paid for technical assistance to small business.

The agency spent $18,161 on marketing and recruitment for the six-month period, with around one-third of the amount paying for travel to trade shows.

Administrative costs, including office equipment, rent and utilities, took up a significant part of the budget at $42,715.

TEDA’s payroll was $148,757 over the six months.