Posted: Apr 6, 2012 9:42 AM by AP
MONROE, La. (AP) - The Greater Ouachita Port is a step closer to building a long-sought rail extension.
The News-Star said the cities of Monroe and West Monroe and the ODEC Land Corp. have tentatively agreed to provide $500,000 in funding that will unlock more than $1 million in federal funds.
Funding from the cities became available after the Monroe-West Monroe Public Trust Financing Authority voted to disburse $1.2 million in surplus funds to both cities. The councils of both cities will have to approve using part of that money for the port's $2.9 million project.
The Greater Ouachita Port Commission has secured part of the funding, but needs $500,000 more to get federal funds.
The port says the extension is needed to attract more businesses.