Creates the St. Mary Economic Development District
The bill confers significant powers to the district board, including the ability to sue, acquire property, and issue debt such as general obligation bonds. It also allows the board to levy taxes, including ad valorem and sales taxes, subject to voter approval. This creates a financial framework to support industrial projects and development initiatives within the parish. The anticipated outcome is a boost in economic activity through the establishment of industrial parks and associated facilities, potentially transforming the economic landscape of St. Mary Parish.
House Bill 965 establishes the St. Mary Economic Development District as a political subdivision of the state within St. Mary Parish. The primary aim of the district is to promote, encourage, and participate in industrial development, leveraging local resources to stimulate economic growth. The district is intended to facilitate commerce, industry, and research with the objective of creating job opportunities for residents. The governance structure consists of an 11-member board appointed from various local authorities and organizations, which is tasked with executing the district's economic initiatives.
The sentiment around HB 965 is generally supportive, as it is perceived as a proactive step towards revitalizing the local economy and addressing unemployment through structured industrial development. Proponents argue that allowing the district to operate with autonomy enables localized solutions tailored to community needs. However, there are underlying concerns regarding the governance model, specifically the potential overreach of the district's powers and the implications for local control over economic matters.
While the bill has support for its economic objectives, it raises questions about the district's authority and independence from local government oversight. Critics may highlight the need for checks and balances in the decision-making process and the potential risks associated with granting substantial financial and operational discretion to a new governmental entity. Stakeholders may voice concerns about ensuring that local priorities and community interests remain central in the district's activities and that there is accountability for its financial dealings.