Senate Bill No. SLS 26RS-637, introduced by Senator Cathey, establishes a uniform procedure for creating college economic development districts in Louisiana. The bill enacts Chapter 51 of Title 33 of the Louisiana Revised Statutes, specifically R.S. 33:9731, which details the governance, powers, and duties of these districts. It allows for the formation of special taxing districts that can levy taxes, incur debt, and pledge tax increments for repayment, while defining the roles of local governing authorities in the establishment and governance of these districts. The legislation aims to enhance cooperative economic development around colleges and universities by providing a structured framework for collaboration between educational institutions and local governments.

The bill introduces new legal language to expand the applicability of the law to include any college or university in Louisiana, rather than just those under the University of Louisiana System. It outlines the governance structure, which includes a board of commissioners with representatives from the college and local businesses, and grants the board the authority to manage operations, issue bonds, and levy taxes with public approval. The legislation also specifies that districts will not encompass residential properties, defines "exempt entities" and "industrial activities," and allows for the creation of subdistricts. Additionally, it includes technical changes for clarity and functionality, ensuring effective implementation across all relevant institutions. The bill will take effect upon the governor's signature or after the designated time for gubernatorial action.