Feb. 22
February 5, 2007
Bernice Hughes
February 7, 2007Businesses based in Terrebonne Parish could be eligible for incentives aimed at stimulating the local economy and creating more jobs.
The Terrebonne Parish Economic Development Authority (TEDA) is funded through 50 percent of Terrebonne Parishes occupational license fee revenue and is designed to provide economic stimulus and create jobs within Terrebonne Parish. To actually create jobs within the community TEDA has to initially attract potential employers to Terrebonne Parish, while simultaneously serving business owners in the area.
Michelle Edwards, Recruiting and Marketing Director for TEDA, says that “heavy industry traditionally creates a lot of jobs while expanding the tax base. We reach out to corporations fitting that model. We are also looking to attract corporations in the high tech and bio technology fields.”
According to TEDA CEO Michael Ferdinand, a number of TEDA corporate recruitment efforts are kept confidential to protect the interests of corporations who are potential investors in Terrebonne Parish. However, TEDA’s Catherine Gilbert was able to divulge a number of existing corporations with a presence in Terrebonne Parish that have expansion plans.
Gilbert says there are a “smorgasbord of business types investing in Terrebonne Parish.” These range from medical businesses, such as Gulf Coast Surgical Center, which is an ambulatory surgical center specializing in orthopedics, to The Stay and See Learning and Development Center, a new state-of-the-art day care facility.
“Local business benefits from having an advocate well versed in state and federal incentives to help spur capital investment,” she said. “TEDA has helped initiate over 20 applications for state and federal incentives, known as Go Zone incentives, that have brought in over $65 million dollars and retained over 500 jobs in Terrebonne Parish. These state and federal incentives have created over 172 jobs totaling $6.5 million dollars in annual payroll, dollars directly infused into the local economy.”
Go Zone incentives are designed to facilitate local business involvement in state and federal incentive programs. The tax incentives, which were created in the wake of hurricanes Katrina and Rita, offer tax credits that can help a company increase cash flow or offer low cost financing for large projects.
According to Gilbert “these programs are designed to stimulate economic recovery in Southern Louisiana by assisting business in hurricane affected areas.”
TEDA will conduct a Go Zone seminar on Feb. 27, from 8:30 to 11 a.m., at the Terrebonne Parish Library. To reserve a space, call (985) 873-6890.
