Posted: Jun 17, 2011 9:54 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 Parish 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.
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.
Although the Parish Council decided in a 7-0 vote to deviate from the agenda and take up the bond ordinance, the decision did not come without a few minutes of disagreement among council members.
The reason for moving so quickly is that the GO Zone bond program will expire at the end of this year, he said.