Bill > SB107

This bill expands the powers and functions of the Lafayette Economic Development Authority (LEDA) by amending existing law to provide additional capabilities for property acquisition and redevelopment. Specifically, the bill allows LEDA to purchase adjudicated properties (properties that have been seized due to unpaid taxes) from Louisiana political subdivisions, with expanded rights similar to those granted to parish redevelopment authorities. The bill also enables LEDA to purchase property at judicial mortgage sales by submitting bids that can include credit arrangements with political subdivisions, with their bids given priority over other offers (except for conventional mortgage holders). Furthermore, the bill grants LEDA the ability to initiate expedited quiet title and foreclosure actions to establish clear ownership of properties acquired through tax sales or from political subdivisions. These new powers are specifically applicable to the geographic area encompassing House of Representatives District No. 44 and Districts 1 and 5 of the Lafayette City Council as they were drawn on June 20, 2022, with the goal of facilitating more efficient property redevelopment in that specific region.

Government Affairs

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB107&sbi=y