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            The legislature recognizes the strong competition among states to attract new business and industry and to grow existing business and industry. It is further recognized that different regions of this state have different characteristics and attributes which are advantageous to specific sectors of the economy. As a result, these regions each have unique challenges and opportunities relative to economic development. The legislature believes that local citizens working through regional economic development organizations are uniquely positioned to support the state’s overall economic development efforts by identifying and directing how certain resources are best utilized to take advantage of a region’s distinctive economic potential. It is the intent of the legislature to authorize and direct the execution of cooperative endeavor agreements, in accordance with this Chapter and La. Rev. Stat. 33:9029.2, by and between the state and each of the eight regional economic development organizations where the state will provide economic support to the regional economic development organizations in exchange for the regional economic development organizations providing locally developed and tailored services directly related to attracting new business and industry and growing existing business and industry within their respective regions through the use of funds awarded through the Louisiana Competes Regional Economic Development Program, as provided for in this Chapter. It is further the intent of the legislature to minimize red tape and grant regional economic development organizations the maximum flexibility to utilize grant funds in furtherance of the intent of this Section. The legislature finds and determines that the use of funds are in furtherance of a public purpose.

            Acts 2022, No. 556, §1, eff. June 17, 2022.