GO Zone projects get 2-month extension

More than $4 billion in projects approved for a hurricane recovery business loan program received two-month extensions Tuesday from the State Bond Commission, while the panel awaits direction from new Gov. Bobby Jindal.

The blanket extension gives the four dozen projects an extra 60 days to go to the bond market for borrowing in the loan program, through the Gulf Opportunity Zone Act, and leaves the Jindal administration largely in the driver's seat to determine how to proceed beyond that.

The GO Zone bond program, set up by Congress after hurricanes Katrina and Rita in 2005, gave Louisiana $7.8 billion in tax-free borrowing capacity to dole out to private business developments to help spur growth in hurricane-impacted parishes. More >