Posted: Apr 15, 2010 9:34 AM by Andrea Fontenot
Source: Associated Press
Changes have been made to the state's rules for developers borrowing money through the federal Gulf Opportunity Zone Act.
The cap on GO Zone borrowing approval was raised from $100 million to $250 million, and developers will have to tap the money within 90 days - as opposed to the eight months previously allowed.
Economic Development Secretary Stephen Moret made the suggestions hoping that it would ensure the state uses its $780 million balance in GO Zone bond capacity before the Dec. 31 deadline set by Congress.
The State Bond Commission agreed to the changes without objection.
The GO Zone bond program was set up by Congress after hurricanes Katrina and Rita in 2005.