Lawmakers have agreed to spend nearly $94 million from Louisiana’s economic development megafund, nearly depleting the account. Today’s vote by the Legislature’s joint budget committee was to spend $67 million for a new car plant planned in the Monroe area and $27 million for a chemical plant to be built in Iberville Parish. Both projects were announced last week. The San Diego-based V-Vehicle Co. says it will have 1,400 jobs at its Monroe assembly plant by 2012. But the project is dependent on federal loans and other sources of financing that have yet to be finalized. Meanwhile, SNF Holding Co. says it will create 500 new jobs in Plaquemine within five years at its planned plant to make polymers, including some that can be used in oil wells to produce more petroleum.
Lawmakers agree to spend $94M from megafund
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