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Committee recommends 10-year industrial tax exemption for Gulf Island LLC
Summary
The Finance, Insurance and Section 16 Lands Committee moved to approve an industrial tax exemption request from Gulf Island LLC tied to a $4.15 million expansion; committee members debated projected revenue impacts and a member publicly opposed exemptions.
The Finance, Insurance and Section 16 Lands Committee recommended approval of an industrial tax exemption request from Gulf Island LLC tied to a $4,148,390 expansion, committee members said.
Cohen Gidre, executive director of Terrebonne Economic Development, presented the application and addressed committee questions. “Normally, I think everybody looks at these and says, well, it's a it's a loss because we're losing money coming that would be coming in,” Gidre said, describing how the local tax impact is calculated.
As presented to the committee,…
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