La. Admin. Code tit. 13 § III-101

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-101 - Economic Development Award Program (EDAP); Preamble and Purpose

A. The Economic Development Award Program (EDAP) is vital to support, promote and enhance the state's commitment to Targeted Industry-Based Economic Development, and the state's long term goals as set forth in the Louisiana Department of Economic Development's Master Plan for Economic Development for the State of Louisiana.

B. The purpose of this EDAP program is to assist in the financing or funding of Sponsored Projects and/or Unsponsored Projects, further described below, for which LED and LEDC assistance is requested in order to promote economic development in this state and provide an incentive to influence a company's decision to locate, relocate, maintain, rebuild and/or expand its business operations in Louisiana, and/or to increase its capital investment in Louisiana:

1. a sponsored project would include the financing or funding of an expansion, improvements and/or provision of publicly-owned infrastructure for a public entity for the benefit of industrial or business development projects that promote targeted industry economic development and that require state assistance for basic infrastructure development, with a public entity recommending the award, serving as a sponsor of and participating in the award application and the award agreement;

2. an unsponsored project would include the financing or funding for locating, obtaining and/or improving privately-owned property and improvements, including the purchase or leasing of a building site, the purchase or construction, renovation, rebuilding and improvement of buildings, their surrounding property, for machinery and equipment purchases and rebuilding, the demolition or removal of existing buildings and/or improvements if a part of the site preparation for the construction of new buildings and/or improvements, and for additional costs related to and incurred in connection with the location or relocation of the business enterprise, including appropriate professional and/or real estate fees and commissions, but without the requirement of a public entity sponsor.

C. The Louisiana Department of Economic Development, with the approval of the Board of Directors of Louisiana Economic Development Corporation, may take necessary steps to successfully secure projects in highly competitive bidding circumstances.

La. Admin. Code tit. 13, § III-101

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 23:36 (January 1997), amended by the Department of Economic Development, Office of the Secretary, LR 23:1638 (December 1997), LR 25:237 (February 1999), LR 26:236 (February 2000), amended by the Department of Economic Development, Office of Business Development, Louisiana Economic Development Corporation, LR 29:860 (June 2003), LR 31:902 (April 2005), LR 35:871 (May 2009), amended by the Department of Economic Development, Office of the Secretary, Office of Business Development and Louisiana Economic Development Corporation, LR 40:264 (February 2014).

AUTHORITY NOTE: Promulgated in accordance with R.S. 36:104, 36:108, 51:2302, 51:2312, and 51:2341, et seq.