LPFA OKs $4 million in bonds for Houma drugstore

Houma builder Lea Rutter’s Rutter Investment Group was approved for $4 million in bonds by the Louisiana Public Facilities Authority on Wednesday.

Rutter applied for the bond issue to expand and make improvements to his 14,800-foot Walgreen’s Drug Store development on St. Charles Street in Houma.

“I’ve been trying for this since Blanco was governor,” Rutter said. “I finally got a clear path.”

The authority sponsored Rutter’s request before the State Bond Commission. Rutter had asked for $6 million in low-interest Gulf Opportunity Zone bond funding.

In May, the Terrebonne Economic Development Authority wrote a letter supporting Rutter’s application. Rutter needed a letter of support from another public body other than the Louisiana Public Facilities Authority.

In August, the State Bond Commission had preliminarily approved $6 million in GO Zone bond funding for Rutter’s Walgreen’s development.

The Louisiana Public Facilities Authority issues both tax-exempt and taxable bonds for industrial and commercial projects in the state.