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David Jacobs, The Center Square//July 30, 2020//
David Jacobs, The Center Square//July 30, 2020//
Listen to this articleThe Water Resources Development Act of 2020 that just passed the U.S. House of Representatives contains language that creates a path for renegotiating the accrual of interest for a New Orleans-area hurricane protection system, U.S. Rep. Garret Graves, R-Louisiana, says.
Renegotiating the agreements could help the state to commit savings to build flood protection and coastal restoration priorities. Some estimates indicate renegotiation could result in cost savings and investment worth $1 billion, Graves’ office says, noting that the congressman worked with other delegation members and Gov. John Bel Edwards on the language.
After Hurricane Katrina, Louisiana agreed to pay $1.1 billion for a system to protect five New Orleans-area parishes. Lawmakers were told last year the cost could rise as high as $3 billion even as the project remains incomplete and behind schedule.
