Bill > SB161

This bill reorganizes and streamlines Louisiana Economic Development (LED) by making several key administrative changes. The bill abolishes the separate offices of entertainment industry development and international commerce, consolidating their functions under the main Louisiana Economic Development organization. It modifies the structure of LED's leadership, changing leadership titles like replacing "undersecretary" with "deputy secretary" and adjusting reporting requirements. The bill creates a new Louisiana Economic Development Innovation Fund, which will be a special fund in the state treasury used solely for economic development initiatives, with money coming from legislative appropriations, grants, and donations. The bill also modifies the Louisiana Board of International Commerce, reducing its previously extensive responsibilities and transforming it into more of an advisory board that will conduct meetings and studies as directed by the LED secretary. Additionally, the bill gives the LED secretary expanded authority to enter into cooperative endeavor agreements, lease or purchase properties, and create single-purpose entities to facilitate economic development projects. These changes are intended to make LED more flexible, streamlined, and focused on creating economic benefits for the state, with an emphasis on attracting investments, jobs, and business opportunities.

Budget and Finance, Business and Industry

https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=SB161&sbi=y