HLS 10RS-129 ENGROSSED
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Regular Session, 2010
HOUSE BILL NO. 553
BY REPRESENTATIVE WADDELL
ECONOMIC DEVELOP/DEPT: Requires the Dept. of Economic Development to publish
legal agreements, reports, and economic analyses, including project expenditures,
regarding each Mega-Project Development Fund and Rapid Response Fund project
AN ACT1
To enact R.S. 51:2362 and 2366, relative to the Louisiana Mega-Project Development Fund2
and the Rapid Response Fund; to require the development of uniform accountability3
reports for the funds; to require for written and electronic forms of a list of4
cooperative endeavor agreement, name of receiving entity, and the amount of5
incentive awarded for all projects developed by the funds; and to provide for related6
matters.7
Be it enacted by the Legislature of Louisiana:8
Section 1. R.S. 51:2362 and 2366 are hereby enacted to read as follows: 9
§2362. Accountability requirements 10
A. The secretary of the Department of Economic Development shall develop11
a uniform accountability report for economic development created by the Rapid12
Response Fund. The secretary shall also develop a formula for measuring the return13
on investment for each Rapid Response Fund project.14
B. The Department of Economic Development shall compile and make15
available a list of the cooperative endeavor agreements, the name of the entity16
receiving funds, and the amount of the incentive received for all Rapid Response17
Fund projects in both written and electronic form.18
* * *19 HLS 10RS-129 ENGROSSED
HB NO. 553
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
§2366. Accountability requirements1
A. The secretary of the Department of Economic Development shall develop2
a uniform accountability report for economic development created by the Louisiana3
Mega-Project Development Fund. The secretary shall also develop a formula for4
measuring the return on investment for each mega-project.5
B. The Department of Economic Development shall compile and make6
available a list of the cooperative endeavor agreements, the name of the entity7
receiving funds, and the amount of the incentive received for all Louisiana Mega-8
Project Development Fund projects in both written and electronic form.9
Section 2. This Act shall become effective January 1, 2011.10
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Waddell HB No. 553
Abstract: Requires the Dept. of Economic Development to publish legal agreements,
reports, and economic analyses of all Mega-Project Development Fund and Rapid
Response Fund projects.
Proposed law, beginning Jan. 1, 2011, requires the secretary of the Dept. of Economic
Development to create a uniform accountability report for economic development
opportunities created by the Rapid Response Fund and the La. Mega-Project Development
Fund.
Proposed law requires the secretary to develop a formula for measuring the return on
investment for each Rapid Response Fund project and La. Mega-Project Development
project.
Proposed law requires the Dept. of Economic Development to compile and make available
a list of the cooperative endeavor agreements, the name of the entity receiving funds, and
the amount of the incentive received for all La. Mega-Project Development Fund projects
in both written and electronic form.
Effective Jan. 1, 2011.
(Adds R.S. 51:2362 and 2366) HLS 10RS-129 ENGROSSED
HB NO. 553
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Commerce to the original
bill.
1. Removed requirement that the department report an investment return
comparison on agreements relating to the Rapid Response Fund and the Mega-
Project Development Fund.
2. Removed provisions requiring the department to publish agreements relating to
the Rapid Response Fund and the Mega-Project Development Fund but requires
the department to make available agreements relating to these funds.