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Edwards owes up to $155M to cover Jindal's business deals

1 year 4 months 2 days ago January 21, 2016 Jan 21, 2016 Thursday, January 21 2016 January 21, 2016 2:04 PM in News
Source: Associated Press
By: Melinda Deslatte

BATON ROUGE - When Bobby Jindal exited the governor's office, he left behind a string of IOUs for his economic development deals.

At least $155 million in commitments for incentive payments and construction projects tied to various business deals could come due during the next four years of Gov. John Bel Edwards' term.

Governors regularly make business commitments beyond their terms, leaving successors to pick up the rest of the tab. But Jindal's obligations come as Edwards grapples with the state's deepest financial crisis in nearly 30 years.

In the upcoming budget year, the Edwards administration will owe an estimated $50 million to companies from Jindal's economic development deals.

Edwards' chief financial adviser, Jay Dardenne, says the administration will meet the contractual obligations, as long as the companies hit the required performance benchmarks.

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