§ 39:1481 — Legislative intent

§1481. Legislative intent
The legislature recognizes the strong competition among states to attract new
business and industry and to grow existing business and industry. It is further recognized
that different regions of this state have different characteristics and attributes which are
advantageous to specific sectors of the economy. As a result, these regions each have unique
challenges and opportunities relative to economic development. The legislature believes that
local citizens working through regional economic development organizations are uniquely
positioned to support the state's overall economic development efforts by identifying and
directing how certain resources are best utilized to take advantage of a region’s distinctive
economic potential. It is the intent of the legislature to authorize and direct the execution of
cooperative endeavor agreements, in accordance with this Chapter and R.S. 33:9029.2, by
and between the state and each of the eight regional economic development organizations
where the state will provide economic support to the regional economic development
organizations in exchange for the regional economic development organizations providing
locally developed and tailored services directly related to attracting new business and
industry and growing existing business and industry within their respective regions through
the use of funds awarded through the Louisiana Competes Regional Economic Development
Program, as provided for in this Chapter. It is further the intent of the legislature to minimize
red tape and grant regional economic development organizations the maximum flexibility
to utilize grant funds in furtherance of the intent of this Section. The legislature finds and
determines that the use of funds are in furtherance of a public purpose.

Legislative History

Acts 2022, No. 556, §1, eff. June 17, 2022.