Louisiana Economic Development’s cooperative endeavor agreements have climbed to over $463 million, with a significant increase of nearly $88 million since December. This surge is largely driven by the state’s new FastSites program, which aims to prepare industrial and commercial properties for companies before they commit to locating there.
FastSites Program
The FastSites program has led to nine new agreements, totaling nearly $80 million, which accounts for about 91% of the net dollar increase since December. One of the largest agreements is with G-Unit Film & Television Louisiana, owned by rapper and entertainment executive Curtis ’50 Cent’ Jackson, for up to $50 million in performance-based funding for infrastructure and modernization associated with G-Unit’s planned entertainment district in Shreveport.
Other notable agreements include $29.9 million spread among eight development projects around the state, such as $10 million for Esperanza Land LLC to extend the Judge Edward Dufresne Parkway to Louisiana Highway 3127 in St. Charles Parish, and $7.27 million to EDMRC Partners LLC for redevelopment work at 4460 Dauphine St. in New Orleans.
These projects are part of the first wave of FastSites investments announced earlier this year, with the state investing before companies arrive to eliminate infrastructure problems that can hinder Louisiana’s competitiveness for major projects.
Original reporting: KTBS 3 (Shreveport) — read the source article.
