Reserve, Lousiana, March 13 - A proposed sugar refinery touted as the nation's largest will receive $100 million in hurricane recovery bonds to help pay for construction costs.
Louisiana Sugar Refining LLC, a joint venture involving Cargill Inc. and Sugar Growers and Refiners Inc., will use Gulf Opportunity Zone bonds for its $150 million plant. The St. John the Baptist Parish Council agreed to issue the bonds Tuesday.
The bonds are tax-exempt and low interest and carry no liability for the parish.
Hugh Martin, the parish's bond attorney, said the council's decision is the last act needed for the bonds to be issued. They will be sold in about a month, Martin said.
Last month, the State Bond Commission reversed a November decision that denied the sugar group's request for GO Zone bonds. The approval was supported by parish officials, after fighting between factions of the Louisiana sugar industry held it back.
"This is one of the largest economic development projects to hit our parish in many, many years," parish President Bill Hubbard said. "It was dead, and we brought it to life."
The refinery, which is expected to have 120 permanent jobs, will be built on Cargill's 200-acre site in Reserve.