Jun 17, 2011 10:54 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.
21 hours ago