The bill amends and reenacts R.S. 34:293.2(5) and introduces new sections R.S. 34:293.2(12) and (13) to enhance the powers and functions of the Lafayette Economic Development Authority (LEDA) regarding redevelopment. Specifically, it allows the authority to purchase adjudicated properties from any political subdivision in Louisiana, which now includes rights and powers granted to parish redevelopment authorities. This amendment aims to streamline the authority's ability to acquire properties for redevelopment purposes.

Additionally, the new provisions grant LEDA the ability to purchase properties at judicial mortgage sales with a bid that meets or exceeds the minimum advertised bid, prioritizing its bid over others, except for conventional mortgage holders. Furthermore, the authority is empowered to initiate expedited quiet title and foreclosure actions to clarify ownership of immovable properties it holds or has acquired through tax sales or from political subdivisions. These changes are intended to bolster LEDA's capacity to facilitate economic development and property redevelopment in the designated areas.

Statutes affected:
SB107 Enrolled: 34:2(5)
SB107 Act : 34:2(5)