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Appropriations committee creates a site‑investment fund to make industrial sites ‘shovel‑ready’
Summary
The committee approved creation of a Site Investment and Infrastructure Improvement Fund to finance access roads, utilities and other predevelopment work needed to attract major projects; the bill establishes the fund but removes specific revenue sources so funding decisions can be resolved separately.
The House Appropriations Committee approved legislation to establish the Site Investment and Infrastructure Improvement Fund in the state treasury to finance preparation and infrastructure work that makes sites marketable to businesses.
Louisiana Economic Development Secretary Susan Bourgeois told the committee the fund’s purpose is to accelerate site readiness — land clearing, access roads, water and sewer lines and other investments — so site selectors and large employers can find projects that are ready to go. “Speed to market is one of the driving factors,” Bourgeois said. LED’s competitiveness staff cited peer states that have invested heavily in site funds as examples: Alabama, Pennsylvania, Ohio, Michigan, Kentucky and Virginia.
LED described the policy rationale with examples. The department’s competitiveness officer noted that sites with strong logistics and utility access still require roads and extensions to be truly ready; states that have invested tens or hundreds of millions of dollars in site funds have repeatedly captured large projects, the department said. Committee members adopted a technical clean‑up amendment but voted to strip the bill’s explicit revenue deposits and keep only the fund’s statutory structure; committee leaders said that left the fund available to receive revenue if a funding source is later designated.
The bill was reported favorably with amendments. Supporters said establishing the fund now gives the state statutory authority to accept and manage site investment dollars once a funding source is identified, and they pledged to pursue funding in subsequent budget actions.
