The bill establishes the University of Louisiana at Lafayette Economic Development District within the city and parish of Lafayette, creating a political subdivision of the state with specific rights and powers. It aims to facilitate cooperative economic and community development involving the university, local government, and the state. The district is granted the authority to levy taxes, impose special assessments, engage in debt financing, and utilize tax increment financing, all designed to enhance economic growth in the region while ensuring that residential properties are excluded from its jurisdiction.

The governance of the district is defined by a board of commissioners, chaired by the university president, with the ability to appoint additional members. The bill outlines the procedures for issuing bonds, including various terms and conditions, and specifies that the district's obligations are not personally liable for these bonds. It also allows the district to receive sales or use tax increments, including hotel occupancy taxes, for financing purposes, and establishes a 30-day period for contesting board actions related to bond issuance. Overall, the legislation aims to support the university's development while protecting residential areas from being included in the district's boundaries.