BY ALYSE PFEIL | Staff writer at The Advocate
Louisiana officials on Tuesday announced 19 industrial and business locations that will collectively get $140 million of state money to develop land and infrastructure to attract new investments in energy, manufacturing and logistics.
The locations are part of the inaugural round of the new FastSites program, a $150 million revolving capital fund run by Louisiana Economic Development. The goal is to help Louisiana build development-ready sites to compete with other states for new business.
“FastSites is about making sure Louisiana is competing nationally,” Gov. Jeff Landry said at news conference Tuesday.
“When companies look at states like Louisiana, Mississippi, Alabama, Virginia or Ohio, they don’t have a lot of time,” he said. “If the land isn’t ready — if there’s no water, no electricity, no roads, no rail access or the infrastructure that they need at the speed that they need it — they just scratch it off their list.”
Now, instead of waiting for companies to approach Louisiana before preparing a site, the state will have land that is “shovel ready,” Landry said.
The sites selected for development in the first round are:
- Acadiana Regional Airport, Iberia Parish
- ARQ Red River, Red River Parish
- Avondale Global Gateway, Jefferson Parish
- Beaver Lake Industrial Park, Rapides Parish
- England Airpark, Rapides Parish
- Esperanza Business Park; St. Charles Parish
- Franklinton Industrial Park, Washington Parish
- Gulf South Commerce Park, St. Tammany Parish
- Lake Charles Regional Airport; Calcasieu Parish
- McLeod Business Park; Lafourche Parish
- Natchitoches Parish Port Warehouse, Natchitoches Parish
- Naval Support Activity Site, Orleans Parish
- Port Distran, Rapides Parish
- Port of Caddo Bossier, Caddo Parish
- Port of Columbia, Caldwell Parish
- Port Vinton, Calcasieu Parish
- Proof Works, East Baton Rouge Parish
- Riverplex MegaPark Port, Ascension Parish
- South Monroe Industrial Park, Ouachita Parish
LED did not immediately disclose dollar amounts for each project or other details, saying more information will roll out over the coming months as project agreements are finalized.
The minimum award amount is $1 million and the maximum is $25 million.
The sites, which are scattered throughout the state in 16 parishes, were selected through a competitive process.
Susan Bourgeois, secretary of Louisiana Economic Development, said Tuesday that projects were chosen based on industry demand, how quickly the money could be put to use, a clear project scope and delivery timeline, and a measurable return on the state’s investment.
One of the conditions for a project award is a 100% return to the state fund within five years, Bourgeois said. But she also noted that, under some of the agreements, which are tailored for each individual project, “the state’s gonna see an upside well beyond the dollar investment we’re making.”
“The floor is dollar-for-dollar repayment, but there isn’t a ceiling,” she said.
Bourgeois said having sites ready is one of the first steps to ensuring that businesses seriously consider Louisiana as a place to invest.
“Companies eliminate sites immediately if gaps exist,” she said.
What is the FastSites program?
Last year, the Louisiana Legislature gave $150 million to Louisiana Economic Development for a new fund specifically dedicated to “site investment and infrastructure improvements for economic development purposes.”
The aim is to create “market-ready sites, places where businesses can build and grow quickly,” according to the FastSites program website.
Parishes, cities, towns, redevelopment authorities, non-profit groups, and local or regional economic development groups can apply for project funding. Private landowners can apply for the money too but must agree to certain conditions.
The money can be used for things like creating new access roads and intersections; land and property improvements like drainage, tree-clearing, filling wetlands and building demolition; setting up utilities like water, power, sewer and internet; and creating rail access, among others.
There were 50 applicants for the initial round of funding, and 19 projects worth $140 million were selected.
Bourgeois said because a portion of the $150 million fund has not yet been awarded, the agency may open another round of applications to fund additional, smaller projects.
Editor’s note: This story has been changed to reflect an updated name for ScaleBTR in East Baton Rouge Parish. The project is now called Proof Works.
