Posted: Jun 3, 2013 10:09 PM by Erin Steuber
Updated: Jun 4, 2013 9:46 AM
The old Fruit of the Loom plant in Jeanerette is getting a new lease on life. Monday, the Board of Aldermen unanimously voted to adopt the lease agreement with Cabot Corporation. But nothing will be final until a 10-day grace period passes. That grace period allows any community member, who may have concerns, to file them with the district court. At that point, if nothing is filed, Cabot Corporation will be the newest member of the community.
The Boston-based company manufactures a variety of products, namely carbon black, which is used in rubber and plastic products, most commonly found in tires. The lease agreement states that Cabot will be paying the city $20,000 down and $20,000 a month. The mayor says finally leasing the property will lift a huge financial burden off of the city's budget, to the tune of nearly $75,000 a year.
"I strongly believe, after numerous negotiations with them, that they're going to be eventually purchasing the building itself. It is going to be creating jobs, but initially when you're talking about a building that's 488,000 square feet, a big facility like that, that's been closed for over 2 years, it takes a while to get started again," said Mayor Tim de'Clouet.
This will not be the first facility the Cabot Corporation has in Louisiana. They already have facilities in Ville Platte and Franklin. The lease terms for the facility in Jeanerette will be for the next ten years.