$259 million in 'mega-fund' spending proposed
Daily Report (excerpt)

The Jindal administration is proposing using two-thirds of a $414 million economic development fund for four business projects around the state. Two of the projects don't currently meet the criteria for getting the dollars and will require lawmakers to change the statute governing the so-called "mega-fund."

The fund was designed to attract big-ticket manufacturing facilities to Louisiana. Angele Davis, commissioner of administration, today outlined proposals to use the fund for four projects that were never previously touted as "mega-projects."

Among the mega-fund spending proposed is $125 million for the Federal City project in New Orleans, which will turn the Naval Support Activity base into a complex of U.S. military offices, and $50 million to help keep open a Pilgrims Pride chicken plant in Farmerville. Stephen Moret, Louisiana Economic Development secretary, says the Federal City project and a NASA/Michoud project both meet the mega-fund criteria. Pilgrims Pride, and The Shaw Group's plans to build a nuclear module manufacturing facility in Lake Charles and expand its Baton Rouge headquarters, fall short of the mega-fund designation.