This 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 development strategies to revitalize distressed areas within Lafayette Parish.

Additionally, the bill modifies the authority's powers regarding the regulation of commerce and traffic in the harbor and terminal district, allowing for more flexibility in managing privately owned facilities. It also introduces provisions for cooperative endeavors with various governmental entities and allows the authority to levy sales and use taxes within its jurisdiction, subject to voter approval. The bill repeals R.S. 33:4720.171, streamlining the legal framework governing the LEDA. Overall, these changes aim to enhance the authority's capacity to foster economic growth and redevelopment 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)