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Ascension Parish residents push for transparency on potential $900M Hyundai Steel bond deal
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BATON ROUGE — Residents in Ascension Parish attended a bond hearing on Monday held by the Louisiana Public Facilities Authority regarding a potential $900 million tax-exemption bond agreement for the proposed Hyundai Steel facility.
So far, the state has given over $100 million directly to Hyundai for construction and over $300 million to purchase land and build a road and rail for the facility.
Residents on Monday voiced their concerns about the potential bond agreement, which received preliminary approval earlier in the year, urging the authority for more transparency.
"It's heartbreaking, it's soul-crushing. But we're not giving up," said Rene Ronquillo, Development Director of the Louisiana Bucket Brigade. "It is another level of secrecy. We learned today it was done in January. Why are we just now being able to give public comments and this being released to us? That was months ago; it is September."
The agreement will be heard at a state bond commission meeting on Thursday.
If approved, Hyundai could save up to about $300 million in savings over a 30-year loan.
Hyundai leaders say they expect to start commercial production at the facility during the first quarter of 2029.
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