Lawmakers agreed to utilize nearly $8.3 million for economic development purposes for the regions of Monroe and Lafayette in the state of Louisiana.
The $8.3 million dollars are expected to create nearly 1,400 brand new jobs in the regions of Monroe and Lafayette. The funds are going to be split as the Schumacher Group receives 5 million for economic development projects and the rest of the $3.3 million will be allocated to Century Link Incorporated.
The Senate and the House approved the funds and will allow the spending of the money without any type of objection. Companies must also adhere to various performance benchmarks in order to keep the funds that are received.
Schumacher Group points out that the $5 million dollars will help to create nearly 600 brand new jobs over a time period of 5 years. On the other hand, Century Link Incorporated will utilize the $3.3 million dollars to create nearly 800 brand new jobs in a time period of 4 years.
The brand new jobs that will be created will also have an average annual salary of $60,000 dollars which includes benefits. The two companies that are receiving the funds will also receive a variety of incentives from the state of Louisiana.
Century Link Incorporated will receive nearly $20 million dollars in incentives for expanding the economy in the state of Louisiana while also agreeing to keep its headquarters in the city of Monroe. Schumacher Group will also receive $9 million dollars in incentives while also agreeing to keep its headquarters in the city of Lafayette. The state of Louisiana is providing a form of cushion for the two companies just in case any extenuating circumstances occur.
Overall, the allocation of nearly $8.3 million dollars is going to increase the economic development in the state of Louisiana.