TEDA Board Approves Plan To Cease Operations

HOUMA, La. (AP) — The Terrebonne Economic Development Authority board has agreed to a plan to wind down its operations and return its nearly $1 million in reserves to the parish.

The Courier reports the future of the organization has been in question since the Terrebonne Parish Council last year reallocated TEDA's primary source of revenue to begin economic development efforts under the parish administration.

Though the reallocated occupation license money served as nearly 95 percent of TEDA's annual revenue, there was at least some desire by board members to continue operations paid for by the organization's reserves.

After a preliminary budget failed approval, the board set up a committee Tuesday to plan winding down the agency.