The Ascension Parish Council has approved revising an incentive proposal for a proposed $300 million chemical facility set to locate in the parish.
Canadian mineral development company Avalon Rare Metals Inc. announced last month its intention to build a 150-acre rare earth elements separation refinery in Geismar. Construction of the facility would depend on a final investment decision by Avalon in 2013.
The Advocate reports (http://bit.ly/UkXByC ) the project is estimated to create 175 new direct, full-time jobs with a projected annual payroll of $13.1 million.
Thursday’s 8-0 vote lowers a previously approved 45 percent sales tax rebate figure from $1.3 million to $809,000.
Mike Eades, president of Ascension Parish’s economic development arm, said the reduction comes from lower engineering costs and a change in proposed capital expenditures.
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Information from: The Advocate, http://theadvocate.com
