Posted: Jun 17, 2011 8:22 AM by Lauren Wilson & AP
VACHERIE, La. (AP) - The St. James Parish Council has unanimously agreed to consider a proposed ordinance authorizing issuance and sale of up to $35 million in parish GO Zone revenue bonds to steel producer Nucor Corp.
Late last year, the council agreed to issue $600 million in GO Zone bonds from the Louisiana State Bond Commission to finance the first phase of construction for Nucor's direct-reduced iron facility in Convent.
The Advocate reports Parish President Dale Hymel Jr. did not say during the council's meeting Wednesday how the $35 million in GO Zone bonds would be applied toward the facility, which is scheduled to undergo various construction phases during a seven-year period that could reach an estimated investment of up to $3.4 billion.