Senate Bill No. [insert bill number] aims to enhance the powers and functions of the Lafayette Economic Development Authority (LEDA) by amending existing law and enacting new provisions. Specifically, it modifies R.S. 34:293.2(5) to clarify that the authority's ability to purchase adjudicated properties includes all rights and powers granted to parish redevelopment authorities under R.S. 33:4720.161. Additionally, the bill introduces new sections R.S. 34:293.2(12) and (13), which empower LEDA to purchase properties at tax sales through credit bids and to initiate expedited quiet title and foreclosure actions for properties held or acquired by the authority.

The proposed changes are designed to streamline the redevelopment process within the designated territories of House of Representatives District No. 44 and certain Lafayette City Council districts. By allowing LEDA to prioritize its bids over others, except for conventional mortgage holders, and to take swift legal action to clarify property titles, the bill seeks to facilitate economic development and property management in the region. The effective date for these changes is set for August 1, 2025.