The bill, HB 142, aims to amend the existing provisions regarding lease agreements entered into by the Iberia Economic Development Authority. Currently, the authority is permitted to enter into leases with a maximum term of 50 years. However, the proposed legislation introduces a new provision that allows the authority to enter into leases with a term not exceeding 99 years, specifically for higher education entities and private sector partners that are recruited by these entities. This change is intended to facilitate economic and industrial development in the region.

Additionally, the bill stipulates that these long-term leases will be available at a nominal rate of $1 per year, provided there is a written agreement in place for the purpose of economic development. The amendments also include technical changes to the language of the bill, ensuring clarity and precision in its application. Overall, the bill seeks to enhance the economic development capabilities of the Iberia Economic Development Authority by extending the duration and affordability of lease agreements with educational and private sector partners.

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