Business Growth and Stability Mark 2009 in Jefferson Parish
18 December 2009
Partnerships with Federal, State And Local Governments Lead to Economic Development and Expansion
Jefferson Parish continued to lead the state in economic viability and population in 2009. Since Katrina, more than 7,208 new businesses have been added to the business base, totaling over 37,000 currently operating in the parish. This strong growth has enabled Jefferson to achieve an exceptional Aa1 Moody's Bond Rating.
According Jefferson Parish Economic Development Commission (JEDCO), the organization successfully completed two major business retention projects in 2009. The Jefferson Parish Council provided $645,000 to keep Geocent/Diamond Data Systems headquartered in the parish. Geocent, now located in Heritage Plaza in Metairie, employs more than 90 people and has committed to adding 75 quality jobs within the next three years. JEDCO also saved an additional 124 jobs when it developed an incentive package consisting of Industrial Development Bond and structured Payment-in-Lieu-of-Taxes for Durr Heavy Construction. The company recently constructed a new $4 million headquarters building in Harahan.
In order to maintain its competitive position as a business-friendly parish, JEDCO created the Louisiana Revolving Capital Fund to support small business and spur economic activity in the community. It also partnered with the City of Kenner to create a dedicated economic development specialist position to focus on Kenner initiatives.
In total, more than $6.5 million dollars were allocated to the development and promotion of Churchill Technology & Business Park in Avondale. Construction is underway for the JEDCO office building, financed, in part, by $4 million from a New Markets Tax Credits loan package. A technology and business incubator will also be constructed on the site with $1,980,000 in Community Develop Block Grants. The park was marketed nationally to high-tech and entrepreneurial businesses as a result of $85,000 in grant funding from the Louisiana Department of Economic Development.
"JEDCO is committed to cultivating growth and prosperity for its businesses," said Joe Ewell, JEDCO Chairman. "Whether it is from accessing grant funding or identifying financing and incentives, we continue to see new and existing businesses embrace Jefferson Parish, contributing to our tax base and offering quality jobs to our residents."
