Economic development projects awarded

Projects in Terrebonne and St. Mary parishes will share in a $21.8 million state recovery fund with nine other programs as part of a disaster recovery effort.

The Office of Community Development has offered the payout program to create jobs in communities impacted by hurricanes Katrina and Rita in 2005.

Through the Project-based Recovery Opportunity Program, direct low interest loans between $500,000 and $5 million are being offered at a minimum 1 percent annual interest rate.

Tri-parish projects that are included in the PROP include Hope Services Inc. being awarded $1.8 million. Hope Services is a marine vessel fabricator and repair business that will use the funding to construct a floating drydock at its shipyard in Dulac.

Kimble Development was awarded $1.4 million to renovate part of the St. Mary Plaza in Morgan City, where the developer intends to bring in a grocery store since the nearest food market for that area is currently 30 minutes away.

“Our communities cannot fully recover from the recent disasters without private industry investing in the state and growing their businesses to create jobs,” Administration Commissioner Paul Rainwater said. “Disaster recovery resources will be leveraged through these Project-Based Recovery Opportunity Program awards to create 597 jobs across the areas affected by the hurricanes, which will encourage investment and spur long-term job creation.”

Other PROP awards being issued include in the New Orleans area, $5 million to the National World War II Museum, $3.5 million to St. Margaret’s at Mercy Hospital, $2.5 million to Volunteers of America, $2 million to St. Thomas Community Health Center, $1.5 million to the Rhodes Business Center, $1.25 million to the Carver Theatre, $1 million to Guitar Partners LLC, $1 million to the Community Green Project, and $800,000 to Jacquet Construction.

PROP awards were open for both profit and non-profit organizations, community development financial institutions and community-based development organizations. Parishes that were eligible to participate included Acadia, Allen, Beauregard, Calcasieu, Cameron, Iberia, Jefferson, Jefferson Davis, Lafourche, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Vermillion and Washington.

The PROP is funded with Community Development Block Grants awarded to Louisiana by the U.S. Department of Housing and Urban Development for hurricane recovery.