LPFA moves on bond financing to expand terminal facility in Burnside and OLOL Heart and Vascular Tower in Baton Rouge
The Louisiana Public Facilities Authority Board of Trustees gave preliminary approval Tuesday to Impala Warehousing, LLC to formalize an agreement to finance its proposed $130 million river terminal expansion in Burnside, La.
Impala is a global logistics and warehousing company, which operates 35 warehousing sites in 19 countries worldwide. The company plans to utilize the LPFA revenue bond proceeds to expand its Burnside terminal, which it says will be the fourth such facility of its kind on the Mississippi River and the only one with both rail-to-vessel and barge-to-vessel capabilities.
Impala, which specializes in the transportation and storage of metals, minerals and coal, acquired Ormet's Burnside terminal In June 2011 with intentions of creating a state-of-the-art major bulk terminal for coal, bauxite and alumina. The facility was originally constructed in 1956.
"Sometimes, financing is all that stands between a company locating in Louisiana and creating jobs here or taking its business elsewhere. That's one of the reasons why the LPFA exists and it's where we feel we can really make a difference for Louisiana's long-term economic prosperity," said Guy Campbell III, Chairman of the LPFA Board of Trustees.
Impala has developed a public information program for local residents and nearby community stakeholders, including a link to available jobs. Information is available online at www.burnsideterminal.com.
In other business, the board approved the issuance of up to $142,825,000 in Hospital Revenue Bonds to be used to finance construction of the new Heart and Vascular Tower on the Baton Rouge campus of Our Lady of the Lake Regional Medical Center.
The nine-story tower, billed as the most significant addition to Our Lady of the Lake's campus since the hospital moved to Essen Lane in 1978, will total 330,000 square feet of space that will house new patient rooms, ICUs, state-of-the-art operating rooms, catheterization labs, and electrophysiology labs. Construction is expected to be complete in November of 2013.
The Louisiana Public Facilities Authority is a self-supporting public trust and public corporation that issues both taxable and tax-exempt bonds to finance public and private projects throughout the state. The LPFA finances industrial and economic development projects, provides low-cost funding for hospitals and hospital equipment, universities and other educational facilities, and essential programs for state and local governmental units. The LPFA does not receive any funds from the state for its operations.