§ 51:2341 — Economic Development Award Program

Louisiana § 51:2341

• Jurisdiction: Louisiana
• Title 51: Trade and Commerce

Text

§2341. Economic Development Award Program
A. There is hereby created an Economic Development Award Program, hereinafter
referred to as "EDAP", and placed within the Louisiana Economic Development
Corporation. EDAP shall serve as a mechanism through which Louisiana Economic
Development evaluates; financially assists; awards appropriations, grants, or loans; engages
in joint ventures; or provides incentives or inducements to industrial and business
development projects as provided in this Section, and in which a state appropriation is
required or for which a state guarantee is contracted. EDAP shall be separate and
distinguished from any tax exemption or incentive programs administered by the Board of
Commerce and Industry, all of which shall remain unaffected by this Section.
B. The corporation shall develop a formal award program that includes an
application, review, evaluation, and award process. The corporation shall develop rules and
regulations in accordance with law which shall include but not be limited to the maximum
amount of awards and local matching monies.
C. Any private, quasi public, or public entity, or political subdivision of the state
seeking financial assistance from the state, through Louisiana Economic Development, in the
form of an appropriation, loan, guarantee, state-backed financial inducement or incentive,
or participation in a joint venture where state funds are appropriated, loaned, committed, or
guaranteed, shall make application for such assistance to the corporation. The corporation
shall evaluate each project according to established criteria. Any project funded by the sale
of general obligation or revenue bonds and which is subject to the capital outlay review
process shall be exempt from the requirements of this Section.
D.(1) Each application shall be reviewed by the corporation's board to determine if
such applicant has met the established criteria to receive funding and whether he shall receive
such funding.
(2) Repealed by Acts 2010, No. 1034, §3.
E. Repealed by Acts 2001, No. 9, §10, eff. July 1, 2001.
F. The legislature shall make an annual appropriation to EDAP for deposit in the
Louisiana Economic Development Fund under the terms and conditions as provided for in
R.S. 51:2315. Project awards shall be disbursed by the corporation's board.
G. The provisions of this Part shall not apply to programs, funds, or projects
administered by any department other than Louisiana Economic Development. The
provisions of this Part shall not apply to the federally funded Community Development
Block Grant program administered by the division of administration.

Legislative History

Acts 1997, No. 726, §1, eff. July 9, 1997; Acts 2001, No. 9, §§9 and 10, eff. July 1, 2001; Acts 2003, No. 183, §8; Acts 2010, No. 1034, §3.