The heads of eight regional economic development organizations, including Adam Knapp of the Baton Rouge Area Chamber and Michael Hecht of Greater New Orleans Inc., are protesting $81.8 million in cuts to the state’s Mega-Project Development Fund currently in House Bill 1. The fund, which had $128 million, has been cut so deeply that all of the projects currently considering Louisiana are in jeopardy, the groups say. Their comments echo statements made last week by Stephen Moret, LED secretary, right after the cuts were announced.
“Raiding the Megafund is a declaration of war on job creation in Louisiana,” the groups say in a joint statement. “Should this action stand, voters will see it as the most harmful anti-jobs action of the Legislature in this century.” The statement says Louisiana Economic Development already has pledged the money as part of its recruitment efforts, and “flip-flopping” now would send the message that Louisiana can’t be trusted. The statement also says $3 million in cuts to LED’s budget could jeopardize regional marketing, small business services and the FastStart worker training program, although LED has said FastStart will be protected.
Today’s poll question: Should the Legislature cut money from the economic development megafund?
