The bill, HB 142, seeks to amend the existing provisions governing the Iberia Economic Development Authority by allowing it to enter into lease agreements with a term not to exceed 99 years, as opposed to the current limit of 50 years. This change is specifically targeted at higher education entities and private sector partners that are recruited by these institutions, provided there is a written agreement for economic and industrial development in the region. The lease rate is set at a nominal fee of one dollar per year.

In addition to extending the lease term, the bill includes technical amendments and clarifications to ensure that the new provisions align with the intended purpose of promoting economic growth in Iberia Parish. The amendments also emphasize that these leases are exclusively for the specified entities, thereby streamlining the authority's focus on fostering partnerships that contribute to regional development.

Statutes affected:
HB142 Original: 33:766(A)(2)
HB142 Engrossed: 33:766(A)(2)
HB142 Reengrossed: 33:766(A)(2)