RÉSUMÉ DIGEST
ACT 599 (HB 142) 2024 Regular Session Beaullieu
Existing law creates the Iberia Economic Development Authority for the purposes of
promoting, encouraging, and participating in industrial development to stimulate the
economy through commerce, industry, and research and for the utilization and development
of natural, physical, and human resources of Iberia Parish by providing job opportunities.
Existing law authorizes the authority to enter into leases having a term not to exceed 50 years
in the aggregate. Provides for periodic adjustments of the rental rate, commensurate with
economic conditions, during the 50-year term.
New law provides an exception that authorizes the authority to enter into leases having a
term not to exceed 99 years in the aggregate with higher education entities and private sector
partners recruited by higher education entities evidenced by an agreement in writing for the
purposes of economic and industrial development in the region at a lease rate of $1 per year.
Effective August 1, 2024.
(Adds R.S. 33:130.766(A)(2)(d))


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