The bill amends Louisiana law to reorganize the Louisiana Economic Development (LED) agency, establishing an office of economic development while abolishing the office of entertainment industry development. It grants the secretary of LED new powers, including the ability to enter into cooperative endeavor agreements and make direct property purchases to bolster economic benefits for the state. Additionally, the bill creates the Louisiana Economic Development Innovation Fund for economic development initiatives and modifies the governance structure of the Louisiana Economic Development Corporation by designating the deputy secretary as the secretary-treasurer of the board. An advisory board for the Louisiana Board of International Commerce is also established to enhance international trade strategies.

Significant changes to the appointment process for members representing international ports and airports are included, removing the requirement for the governor to appoint from a specified list of organizations and ports, and eliminating the need for each organization to submit two names for consideration. The bill also repeals outdated provisions related to the office of entertainment industry development and directs the Louisiana State Law Institute to update references to this office, reflecting a shift towards prioritizing economic development initiatives. Overall, the bill aims to streamline operations and enhance the governance structure related to transportation and economic development in Louisiana.

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)