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Committee approves ITEP request for Gulf Island LLC expansion valued at about $1.28 million
Summary
Terrebonne Parish committee approved a 10-year industrial tax exemption for Gulf Island LLC’s $1,284,000 expansion (project 20220483-ITE); staff provided projected revenue impacts and noted the filing predated a statutory change moving future filings to a central ITEP board.
The Finance Insurance and Section 16 Lands Committee of Terrebonne Parish on March 18 approved a resolution granting an Industrial Tax Exemption Program (ITEP) request by Gulf Island LLC for a reported $1,284,000 expansion (project number 20220483-ITE).
Finance staff and company representatives told the committee the school board’s portion of the exemption would total $9,002 over 10 years — about $62.51 per month — while the parish’s share and sales-tax gains would produce a net monthly revenue gain when accounting for the nonexempt portion. Committee Chair Mister Crowdus moved for approval and Mister Lagarde seconded; the motion passed by voice vote with no roll-call tally recorded.
Why it matters: Staff presented the projected 10-year and monthly breakdown so committee members could weigh the local revenue impacts. In the staff presentation the expansion was described as $1,284,000; staff said the school board’s exempt portion would be $9,002 over 10 years and that overall monthly gains after accounting for nonexempt taxes would be modest.
Committee members asked procedural questions about future filings. Staff said these two applications were filed before a change in state law effective Feb. 24, 2024, and that future ITEP requests will go before a new, centralized ITEP board rather than returning to the parish committee and sheriff.
With no objections, the chair declared the motion carried.
