Nucor incentives putting other state projects on hold

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Posted: Sep 20, 2010 10:07 AM
Source: Associated Press

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Topics: jindal, nucor, steel, plant, louisiana, baton rouge, budget, incentives, wbrz

The Jindal administration's plan to give $30 million to steelmaker Nucor for an iron and steel plant in St. James Parish is throwing the state's construction budget out of balance.

To make the numbers work, some of the new construction projects lawmakers and the administration had planned to fund this year will have to be at least temporarily derailed.

The construction budget details $4.7 billion in multiyear spending plans.

Those are mostly projects approved in past years that already are in line for borrowing and those that have direct streams of cash funding, like road and bridge repairs.

Louisiana has a cap on annual borrowing that will limit spending on construction projects to an estimated $320 million in the current budget year.

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