TEDA takes account, tasks for more

The Terrebonne Economic Development Agency Executive Committee approved a proposal for an expanded budget request for 2008.

The economic development group hopes to take the proposal to the parish council in a couple of months.

The economic development group’s cooperative endeavor agreement is also up for renewal and can be modified.

It is eligible to receive up to 50 percent of the business licensing fee. The expanded budget takes this extended licensing fee into account, which would give the economic development group an estimated additional $105,000.

The economic development group is reaching capacity on its payroll, but needs more people. It currently serves 7,000 businesses in the parish with just one person.

The economic development group hopes to expand its service by segregating the businesses by size, small and moderate to large business development, which will require more staff.

It also wishes to increase its marketing campaign.

For the proposed budget expansion, the economic development group is considering seeking support from the Houma-Terrebonne Chamber of Commerce and South Central Industrial Association.

The parish has been holding onto $412,000 for economic development projects.

Currently, the funds can only be used for specific economic development projects.

The economic development group wants to get hold of the $412,000 set aside for economic development as soon as it can.

The money has been sitting in reserve for the last year and a half and is a one-time fund.

TEDA’s executive board discussed asking the parish council to protect the $412,000 in funds for TEDA.

TEDA has only gotten as much as $555,000 from the parish, since its creation.

Originally when the economic development group was formed, it wanted over $1 million in funding to be more competitive with other economic development groups, like the Lafayette Economic Development Authority, in other cities of like size.

The group hopes to squeak its new expanded budget in before the elections and for the current parish administration’s final budget.

As far as this year goes, TEDA CEO Mike Ferdinand said the economic development group is meeting its budget by applying for and receiving grant dollars.

“The reason why we are meeting the budget is, number one, we have applied for and are receiving grant dollars,” said Ferdinand.

TEDA’s revised 2007 budget shows the group has $736,219.40 in revenue.

TEDA received $555,000 from the parish government.

But, it added $100,000 to its revenue by way of a technical assistance grant, which is dedicated to helping businesses.

It also received a marketing match grant worth $46,219.40 and $20,000 of assistance from the CDBG grant.

TEDA still has to fulfill its contracts to get all its grant money. In the case of the marketing match grant, TEDA was able to receive matches on operating costs relating to items like its Web site.

The economic development group did face some difficulties with its 2007 budget. It moved its office from the 7th floor of the Terrebonne Parish Consolidated Government Building to its new location on Corporate Drive.

TEDA used $15,000 left over from its budget last year to pay for moving expenses.

“A lot of our expense in moving in was equipment,” said Ferdinand.

The group also saved money during the move by using trustees to move equipment and furniture.