TEDA taps hotel to be built near civic center

TEDA approved supporting the second of two options presented by only one contractor for developing a new hotel adjacent to the Houma-Terrebonne Civic Center.

The decision came at a special meeting last week.

Option one showed an economic impact of $862,590, while option two showed a $1.17 million impact locally.

Both options would create 55 jobs and option one offered 104 rooms. Option two had 129 rooms.

Option two was an estimated 20 parking spaces short of option one, but offered nearly 1,800 square feet more meeting space.

The contractor with the second proposal did not send all the required information for the board’s review in time for the meeting and was excluded.

Even though TEDA voted to recommend the only proposal it received, when the information from the second proposal comes in, it will be forwarded to the Terrebonne Parish Council for review along with the approved proposal.

The parish council will have the final say on the matter.

But it still remains unknown which hotel chain – Hilton or Marriott – will move in to develop the space since neither chain can move forward unless the property is secured first.

Minutes prior to the meeting, the non-profit wing of TEDA, the Terrebonne Economic Development Foundation, approved a cooperative agreement between itself and the Terrebonne Waterway Association for a research project designed to study the potential economic impact of deepening the Houma Navigational Canal.

Funding for the research project comes in three parts.

TEDFo received a $25,000 grant from the Baton Rouge Area Foundation and a $25,000 matching grant for economic development from the state.

The Terrebonne Waterways Association chipped in $10,000.

The research projects break down into two parts – both of which are contingent upon the HNC lock being completed by the U.S. Army Corps. of Engineers and sufficient flood protection being put in place to support the deepening.

This means that even if reports show a significant, positive economic impact it could still be some time, if ever, before the HNC is deepened. The reports are solely dependent on the assumption proper flood protection and a lock are put into place.

The first part of the study is a refining of a previous review conducted by Louisiana State University economics professor Loren Scott.

Part of the original study looked at the economic impact of deepening the HNC. Scott will be tasked with updating it.

The other part will be conducted by the Atlanta-based Competitive Strategies Group.

The research group will conduct a SWOT (Strengths, Weakness, Opportunity and Threat) assessment on the deepening of the HNC.

Neither part of the study is guaranteed to put forth the notion that deepening the HNC will have a positive economic impact.

TEDA CEO Mike Ferdinand did, however, say several companies utilizing the waterways are interested in deepening the HNC.

“It’s a big piece of the infrastructure,” said Ferdinand. “We don’t have railway access. We don’t have roadway access. We do have waterway access.”

TEDFo has the same members as TEDA.

The next research project on TEDA’s agenda is looking at the economic impact of bringing a railway back into the parish.