House Bill No. 107 seeks to create the Greater St. Martinville Economic Development District within the city of St. Martinville, aimed at promoting economic and community development in collaboration with local authorities and property owners. The bill delineates the district's boundaries, which encompass areas such as Main Street, the Ledoux neighborhood, and the historic city square. Governance will be overseen by a board of commissioners made up of seven voting members and one nonvoting member, appointed by local authorities and the mayor. The district is granted various powers, including the ability to sue, enter contracts, and levy a sales and use tax of up to 1% with voter approval.

Additionally, the bill allows the district to issue revenue bonds backed by tax increments from its projects, contingent upon local governmental consent and majority voter approval. It defines "tax increment" and stipulates that tax proceeds already dedicated to other purposes cannot be used as tax increments unless a new proposition is approved. The bill also amends property acquisition methods for the district, limiting them to purchases, gifts, grants, donations, or leases to streamline the process. The law will take effect upon the governor's signature or after the designated period for bills to become law without a signature.