Bloomberg Business has announced that EuroChem has “shelved” its decision to build a $1.5 billion fertilizer plant in Iberville Parish because of “changes on the financial markets, namely affected access to credit resources.”
The cancellation immediately throws into doubt the $6 million performance-based grant to offset the costs of site infrastructure improvements announced at the time. In addition, EuroChem was to have received the services of LED FastStart®. The company also was expected to utilize Louisiana’s Quality Jobs and Industrial Tax Exemption programs, Jindal said in making the announcement on July 10, 2013.
All that would appear to now be off the table with the state holding a favorable re-purchase option—except with the state facing a $1.6 billion budget shortfall, there apparently is no money to exercise that option.
“The decision on the project is delayed due to changes on the financial markets, namely affected access to credit resources,” Chief…
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