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House Commerce advances bill letting Louisiana Economic Development buy, lease and set up special-purpose entities
Summary
The House Commerce Committee on May 27 reported Senate Bill 161 with amendments after lawmakers debated creating an LED Innovation Fund, giving Louisiana Economic Development limited real‑estate powers and adding oversight for property deals.
Senators and state economic development officials told the House Commerce Committee on May 27 that Senate Bill 161 would formalize a series of changes to Louisiana Economic Development (LED), including creating an LED Innovation Fund, clarifying LED’s authority over real estate transactions related to economic development projects, and folding two statutorily separate offices into LED.
The bill “creates — it does not fund — a Louisiana Economic Development Innovation Fund,” Secretary Susan Bourgeois told the committee. She said the purpose is to give LED a vehicle to seek federal or other funding to support in‑state innovation and business creation alongside LED’s existing roles of attracting and growing businesses.
The bill also would give LED the authority to purchase, sell, lease and sublease land for economic…
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