BATON ROUGE, La. – State Senator Gerald Boudreaux’s bills creating two economic development districts in Lafayette gained final passage today and now head to the Governor’s Office for his signature. Senate Bills 480 and 481 allow the Lafayette Economic Development Authority and the University of Louisiana at Lafayette to attract new businesses and create jobs within the newly established taxing districts.
SB 480 repeals the North Lafayette Redevelopment Authority encompassing those duties and powers within the work of the Lafayette Economic Development Authority (LEDA) so it can move forward with an action plan to revitalize distressed areas of the parish. Senator Boudreaux testified that this bill gives LEDA the ability to leverage proven economic and community development strategies to help citizens understand how to redevelop neighborhoods while also supporting small/minority businesses.
“This legislation effectively re-energizes several efforts to improve north Lafayette and encourages all stakeholders to work collaboratively in making progress quickly towards our collective goals,” said Senator Boudreaux.
Additionally, SB 481 enables the University of Louisiana at Lafayette to foster economic development on its university owned property. The campus envisions the possibility of adding an additional hotel as well as a performing arts center as a result of this legislation. Supporters of the action say it could also create a wide range of community amenities and allows the university to make infrastructure improvements to assets of the college. Similar legislation was passed for Louisiana State University and Southern University in 2023.
“At the end of the day, the university will now be able to leverage its taxes to responsibly develop its properties in service to the entire Lafayette community,” said Boudreaux. “Supporting UL-Lafayette grows one of our most cherished institutions and makes our city a great place to live and work,”
The 2024 Regular Session of the Louisiana Legislature began on March 11, 2024 and must adjourn no later than 6:00 pm on Monday, June 3rd. For more information on legislation being considered during the session, go to www.legis.la.gov.
