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Louisiana Revised Statutes Tit. 51, § 961. Local Economic Development Support; Louisiana Economic Development authority

Current as of January 01, 2023 | Updated by Findlaw Staff

A. The activities of the various parish and regional economic development organizations in the state shall be supported through the Local Economic Development Support Program as developed by Louisiana Economic Development and only in the amounts appropriated each year by the legislature.

B. (1) Louisiana Economic Development, through its office of commerce and industry, shall provide by rules and regulations promulgated under the Administrative Procedure Act for a Local Economic Development Support Program.

(2) The rules and regulations shall incorporate a distribution formula that shall use as its basis the population, the number of business establishments, and the level of services associated with each recipient of funding. The funds shall be distributed pursuant to a contract between the recipient and the department that clearly specifies the services to be performed by the recipient and the territorial jurisdiction for which the recipient is responsible in rendering its services.

(3) The services to be rendered may include but are not limited to the following:

(a) Submission of community data summaries on all relevant communities in the jurisdiction.

(b) Submission of information on approved forms for all industrial parks and sites over five acres and industrial buildings over twenty thousand square feet in the jurisdiction.

(c) Submission of an annual report on visual inspection of properties in (b) herein.

(d) Submission of a quarterly update on availability of properties in (b) herein.

(e) Submission of an office space guide on an annual basis.

(f) Development of marketable properties.

(g) Cooperation in prospect activities, including but not limited to the development of adequate local sales teams, promotional literature, and participation in prospect trips.

(h) Development of local development corporations.

(i) Coordination of the Ready Cities Program.

(j) Identification of opportunities for joint federal and state project funding and appropriate grantsmanship.

(k) Joint federal and state procurement assistance.

(l) Loan packaging.

(m) Moderately complex financing assistance.

(n) SBIR application assistance.

(o) Identification of licensing or joint venture opportunities and managing such projects.

(p) Export assistance.

(q) Identification of opportunities for establishing of businesses.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 51, § 961. Local Economic Development Support; Louisiana Economic Development authority - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-51-sect-961/

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