More GO Zone funding to become available

Businesses interested in GO Zone bonds should get on the ball. Funding dedicated to the parishes most impacted by hurricanes Katrina, Rita and Wilma that remains unused on Dec. 31 will be placed into a competitive pool, which allows all 31 parishes under the Gulf Opportunity Zone Act another crack at funding for capital projects, including those in the Capital Region. State bond commission director Whit Kling says approximately $270 million is currently available in the competitive pool and that the commission anticipates that number to rise to $1.47 billion by next year. Kling says all projects must secure financing and be approved by the program’s Dec. 31, 2010 deadline, leaving a very short window of opportunity unless the commission moves the deadline back. Kling says there has been no proposal to do so. Baton Rouge Area Chamber CEO Adam Knapp says the if the bond market is steady, the funds could provide good opportunities for Capital Region businesses, which received the lion’s share of funding when GO Zone bonds became available in 2005. “Businesses need to pay attention,” Knapp says. “If they have capital projects at $3 million or more, they should really be looking at GO Zone.”—Emma James