Money intended to help rebuild economic activity in parts of the Gulf Coast hit by Hurricanes Katrina and Rita will be used to build a biodiesel plant in St. Rose, Louisiana.
The New Orleans Times-Picayune reports that the State Bond Commission has unanimously approved $100 million in hurricane-recovery bonds to help finance the project:
The $100 million will come from financing by the Gulf Opportunity Zone program, which makes low-cost money available to developers to help spur economic development in the areas hit hard by Hurricanes Katrina and Rita.
The project will be developed by the Renewable Energy Group of Ames, Iowa, in conjunction with Bunge North America and International-Matex Tank terminals, two companies with a presence in the River Parishes. The project will be located on property on IMTT’s St. Rose terminal.
REG spokeswoman Alicia Clancy said Thursday that the 60 million-gallon-per-year plant on the IMTT St. Rose site was about 50 percent complete.
REG officials say the project must have the sale of the bonds to investors to go forward. It’s expected to create an estimated 30 direct jobs, with an average annual salary of about $48,000 and another 500 construction-related jobs.