Louisiana Revised Statutes 51:2341 – Economic Development Award Program
Terms Used In Louisiana Revised Statutes 51:2341
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Bonds: means any bond, refunding bond, note, debenture, interim certificate or any bond, grant, or any other evidences of indebtedness of the corporation whether in temporary or in definitive form and whether or not exempt from federal taxation. See Louisiana Revised Statutes 51:2303
- Corporation: means the Louisiana Economic Development Corporation as established in Part II of this Chapter. See Louisiana Revised Statutes 51:2303
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fund: means the Louisiana Economic Development Fund. See Louisiana Revised Statutes 51:2332
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Program: means the Workforce Development and Training Program. See Louisiana Revised Statutes 51:2332
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 the Department of 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 the Department of 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 La. Rev. Stat. 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 the Department of 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.
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.