Senate Bill No. 107, introduced by Senator Boudreaux, aims to enhance the powers and functions of the Lafayette Economic Development Authority (LEDA) by amending existing law and enacting new provisions. The bill specifically amends R.S. 34:293.2(5) and introduces new sections R.S. 34:293.2(12) and (13). It allows LEDA to purchase adjudicated properties from any political subdivision in Louisiana, incorporating rights and powers granted to parish redevelopment authorities. Additionally, the bill provides LEDA with the authority to purchase properties at tax sales through credit bids, which will take precedence over other bids, except for those from conventional mortgage holders.

Furthermore, the proposed legislation enables LEDA to initiate expedited quiet title and foreclosure actions to clarify ownership of immovable properties held by the authority, including those acquired through tax sales or from political subdivisions. The effective date for these changes is set for August 1, 2025. Overall, the bill seeks to empower LEDA in its redevelopment efforts and streamline processes related to property acquisition and ownership clarification.