BATON ROUGE, La. (AP) -- Ouachita Parish has received approval to borrow nearly $11.6 million as its part of the incentives to attract the V-Vehicle Co. auto assembly plant.
The State Bond Commission agreed Thursday to the bond plans, which will allow local officials to borrow the money and repay it over 14 years, with an interest rate up to 4.5 percent.
The bonds will be paid with the proceeds from a 15-year property tax, approved by Ouachita Parish voters in October for V-Vehicle.
V-Vehicle is converting the former Guide Corp. factory near Monroe into a manufacturing plant that will build a new generation, fuel-efficient car. Production is to start early next year.
The bond sale and a separate package of state incentives are tied to the company receiving a $320 million loan through a federal program designed to assist green auto manufacturers.