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. The amendment to section (5) 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 change aims to streamline the acquisition of properties for redevelopment purposes.

Additionally, the newly enacted sections (12) and (13) provide LEDA with further capabilities. Section (12) permits the authority to purchase properties at judicial mortgage sales by submitting a bid that meets or exceeds the minimum advertised bid, with priority over other bids, except for conventional mortgage holders. Section (13) allows the authority to initiate expedited quiet title and foreclosure actions for properties it holds or has acquired through tax sales or from political subdivisions. These provisions are designed to facilitate LEDA's efforts in property redevelopment and management.

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