Westlake City Council votes to join Louisiana Community Development Authority
WESTLAKE, La. (KPLC) - At their Monday night, the Westlake City Council voted to join the Louisiana Community Development Authority, or LCDA, and elected Mayor Bob Hardey as it’s representative.
The LCDA was created to provide tax-free financing to participating political subdivisions: school boards, parishes, and municipalities.
LCDA says it has issued over a billion dollars in financing for local governments in the last 22 years.
Hardey says this will allow the city to move forward with its plan to sell natural gas to local industries.
“We are in the process of trying to sell a certain amount of gas to industries on this side of the river," Hardey said. "This is the funding mechanism to keep the cost down. We will be able to use them as our financial structure.”
Last December, the City Council agreed to look into the idea. Hardey says it’s a way to get more revenue for the city and eventually cut back on taxes.
“This will be a big asset to the city," Hardey said. "We are working on five or six different industries. We’ll be selling somewhere close to 100,000 cubic feet a day, which is more than the city burns in two or three months.”
He says the first contract will hopefully be signed in the next four to five months.
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