A major downtown Shreveport revitalization project is headed to the State Bond Commission for preliminary financing approval during its Thursday morning meeting.

The commission will meet at 8 a.m. in Senate Committee Room A-B at the State Capitol to review local applications, including a $25 million residential development proposal for Caddo Parish.

The Northwest Louisiana Finance Authority is seeking preliminary approval to issue up to $25 million in residential development revenue bonds for the Petro Tower project. The proposed financing structure includes an interest rate capped at 8% for tax-exempt bonds or 8.5% for taxable bonds, with a maturity term not to exceed 30 years.

According to the commission’s agenda, the multi-million-dollar investment will fund the acquisition, conversion, renovation and equipping of the historic building known as Petro Tower in Shreveport. The capital will also be used to fund capitalized interest and establish one or more reserve funds for the project.