May 16, 2014 7:52 AM by AP
The State Bond Commission has approved $2.9 million in bonds for the planned sports complex in Terrebonne Parish.
State Treasurer John Kennedy tells The Courier the limited tax bonds for the $20 million Terrebonne project would not exceed a 6 percent interest rate or 20-year payback period.
The completed park along La. 311 will include baseball, softball and multipurpose fields along with 17 mid- and full-length soccer fields, an eight-court tennis complex, a dog park, a skate park and a man-made lake with a beach and sand volleyball court.
Parish officials said Thursday the project's construction will be spread over five to eight years.
A 1 percent tax on hotel visits that voters approved in November will provide a consistent revenue stream.