BATON ROUGE, La. — The Louisiana State Bond Commission approved preliminary financing for the redevelopment of Shreveport’s historic Petro Tower as part of a slate of capital projects approved during its May 21 meeting.
The commission approved preliminary authorization for $25 million in Residential Development Revenue Bonds through the Northwest Louisiana Finance Authority for the Petro Tower project. The funding will support the acquisition, conversion, renovation and equipping of the downtown Shreveport high-rise, along with capitalized interest and reserve funding.
The Petro Tower redevelopment is among several infrastructure, housing and public facility projects approved statewide during the meeting.
Louisiana State Treasurer and Bond Commission Chairman John Fleming said the projects represent investments in infrastructure, housing and community development across the state.
“The projects approved represent smart investments in Louisiana’s future,” Fleming said in a statement. “From upgrading sewerage systems to improving fire protection to constructing recreational facilities and providing additional student and multifamily housing, these actions provide local governments the tools they need to deliver for the people of Louisiana.”
The Bond Commission also approved financing for projects including a 500-bed student housing facility at Southern University in Baton Rouge, a 70-unit multifamily housing development in New Orleans, school facility improvements in East Feliciana Parish, and jail expansion projects in Livingston Parish.
According to the State Treasurer’s Office, the commission has approved 192 debt applications totaling $4.18 billion during fiscal year 2026, along with 224 local government elections. The commission also issued $348.7 million in General Obligation bonds for capital projects and approved $387 million in bond refinancing, which the state said will generate $12.9 million in savings through 2035.
The Louisiana State Bond Commission reviews applications from local governments and public entities seeking authority to issue debt or levy taxes for public projects. State approval is required before public entities can issue bonds or borrow funds.