300miles
September 12th, 2005, 03:56 PM
Gulf states plot economic recovery deal
Monday September 12, 2:16 PM EDT
BATON ROUGE (Reuters) - Economic officials from Louisiana, Mississippi and Alabama are working together to craft a package of tax credits and bonds to keep businesses from leaving in the wake of Hurricane Katrina, Louisiana's top economic official said on Monday.
Michael Olivier, the state secretary of economic development, became a bit emotional during a news conference when he talked about the offers of help Louisiana has received from corporate America.
"We're getting calls from friends who want to help Louisiana. It's amazing," Olivier said. "My God, the offers."
More than 70,000 businesses across 10 parishes were affected by the storm, from big businesses like Procter & Gamble Co.'s (PG) coffee operations to small businesses like restaurants. The state's immediate goals are to make sure those companies do not leave permanently and that they have the financial resources to rebuild.
"All three states are pretty much working together to mold something," Olivier said, adding he was heading to Washington tomorrow to start working on getting a package through Congress.
"We're going to incent (businesses) to come back with a significant package so they'll really think twice (about leaving)," Olivier said. The package is intended to be modeled on the recovery benefits that were approved four years ago after the September 11 attacks.
Later, in a separate interview at Louisiana homeland security headquarters here, Olivier acknowledged reports that neighboring states that are hosting displaced businesses may be trying to win some of those companies over permanently.
"We have some poaching going on," he said.
But the state is doing what it can to help companies get their operations running again, he said, including getting them trailers to house their workers.
Olivier said the Federal Emergency Management Agency has bought 100,000 trailers, each of which can house about four people, and those trailers are being distributed to refineries and other essential businesses to get the economy humming again.
"The amount of aid that's going to be deployed is astronomical. It should give us the traction to build a greater New Orleans river region," he said.
Monday September 12, 2:16 PM EDT
BATON ROUGE (Reuters) - Economic officials from Louisiana, Mississippi and Alabama are working together to craft a package of tax credits and bonds to keep businesses from leaving in the wake of Hurricane Katrina, Louisiana's top economic official said on Monday.
Michael Olivier, the state secretary of economic development, became a bit emotional during a news conference when he talked about the offers of help Louisiana has received from corporate America.
"We're getting calls from friends who want to help Louisiana. It's amazing," Olivier said. "My God, the offers."
More than 70,000 businesses across 10 parishes were affected by the storm, from big businesses like Procter & Gamble Co.'s (PG) coffee operations to small businesses like restaurants. The state's immediate goals are to make sure those companies do not leave permanently and that they have the financial resources to rebuild.
"All three states are pretty much working together to mold something," Olivier said, adding he was heading to Washington tomorrow to start working on getting a package through Congress.
"We're going to incent (businesses) to come back with a significant package so they'll really think twice (about leaving)," Olivier said. The package is intended to be modeled on the recovery benefits that were approved four years ago after the September 11 attacks.
Later, in a separate interview at Louisiana homeland security headquarters here, Olivier acknowledged reports that neighboring states that are hosting displaced businesses may be trying to win some of those companies over permanently.
"We have some poaching going on," he said.
But the state is doing what it can to help companies get their operations running again, he said, including getting them trailers to house their workers.
Olivier said the Federal Emergency Management Agency has bought 100,000 trailers, each of which can house about four people, and those trailers are being distributed to refineries and other essential businesses to get the economy humming again.
"The amount of aid that's going to be deployed is astronomical. It should give us the traction to build a greater New Orleans river region," he said.