The bill amends and reenacts several sections of Louisiana law related to the Lafayette Economic Development Authority (LEDA) and establishes new provisions for its operations and governance. Key changes include the creation of a redevelopment authority under R.S. 34:293.2, which grants the LEDA additional powers to develop and execute redevelopment plans, undertake projects to eliminate urban blight, and manage properties within designated areas. The bill also specifies that the board of commissioners will include a member from a racial minority, enhancing representation. Furthermore, the LEDA is empowered to leverage economic and community development strategies to revitalize distressed areas within Lafayette Parish.

Additionally, the bill modifies the authority's powers regarding the regulation of privately owned facilities and the ability to enter into cooperative endeavors with various governmental entities. It allows the authority to sell, lease, or otherwise transfer properties, including adjudicated properties, to facilitate redevelopment efforts. The bill also repeals R.S. 33:4720.171, streamlining the legal framework governing the LEDA. Overall, these changes aim to enhance the effectiveness of the LEDA in promoting economic development and revitalization in Lafayette Parish.

Statutes affected:
SB480 Original: 34:291(A), 34:292(B)(1), 34:293(A)(1), 34:1(A)
SB480 Engrossed: 34:291(A), 34:292(B)(1), 34:293(A)(1), 34:1(A)
SB480 Reengrossed: 34:291(A), 34:292(B)(1), 34:293(A)(1), 34:1(A)
SB480 Enrolled: 34:291(A), 34:292(B)(1), 34:293(A)(1), 34:1(A)
SB480 Act 531: 34:291(A), 34:292(B)(1), 34:293(A)(1), 34:1(A)