The bill amends Louisiana law to enhance the structure and organization of the Louisiana Economic Development (LED) agency, introducing significant changes such as the establishment of an "office of economic development" and the Louisiana Economic Development Innovation Fund. It streamlines the agency's functions by transferring the responsibilities of the abolished offices of entertainment industry development and international commerce to LED. The secretary of LED is granted expanded authority to enter into cooperative endeavor agreements and purchase property for economic development purposes, aiming to improve the agency's efficiency and effectiveness.

Additionally, the bill modifies the governance structure of the Louisiana Economic Development Corporation by designating the deputy secretary as the secretary-treasurer of the board and allowing for more flexible meeting schedules for the advisory board. It also proposes changes to the appointment process for members representing international ports and airports, removing the requirement for the governor to select from a specified list of names and eliminating the need for organizations to submit multiple names for consideration. The bill repeals sections related to the office of entertainment industry development and directs the Louisiana State Law Institute to update references to this office, further simplifying the governance structure and improving the efficiency of economic development appointments in the state.

Statutes affected:
SB161 Original: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(A)(18), 47:6022(C)(7), 51:3132(8)
SB161 Engrossed: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(A)(18), 47:6022(C)(7), 51:3132(8)
SB161 Reengrossed: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 51:1(A), 51:2311(D), 51:3132(7), 51:3136(A), 47:6007(B)(18), 47:6022(C)(7), 51:3132(8)
SB161 Enrolled: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 36:110(F), 51:1(A), 51:2311(D), 51:3136(A), 47:6007(B)(18), 47:6022(C)(7), 51:3132(7)
SB161 Act 432: 36:101(C)(1), 36:104(A)(17), 36:108(B), 36:109(B), 36:110(F), 51:1(A), 51:2311(D), 51:3136(A), 47:6007(B)(18), 47:6022(C)(7), 51:3132(7)