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A.(1)  The commission may construct or acquire industrial parks or industrial plant buildings inside the geographic boundaries of the commission, including sites and other necessary property or appurtenances therefor, and to acquire, construct, improve, operate, maintain, and provide improvements and services necessary therefor, including but not limited to roads, street lighting, bridges, rail facilities, drainage, sewers, sewerage disposal facilities, solid waste disposal facilities, waterworks, and other utilities and related properties.  The commission shall also have the authority to sell, lease, or otherwise dispose of, by suitable and appropriate contract, to any enterprise locating or existing inside the geographic boundaries of the commission, all or any part of an industrial plant site, industrial plant building, or other property owned by the commission.  In determining the consideration for any contract to lease, sell, or otherwise dispose of lands, buildings, or other property of the commission, the commission may take into consideration the value of the lands, buildings, or other properties involved as well as the potential value of the economic impact of the industrial or business enterprise being assisted.  Such economic impact shall include increased employment, increased use of local labor, wages and salaries to be paid, consumption of local materials, products and resources and special tax revenues to be generated by the industrial or business enterprise acquiring or leasing lands, buildings, or other property from the commission.

(2)(a)  The resolution or ordinance adopted by the commission authorizing any lease, sale, or other disposition of lands, buildings, or other property of the commission shall set forth, in a general way, the terms of the authorized lease, sale, or other disposition and such resolution or ordinance shall be published as soon as possible in three issues of the official journal of the commission.

(b)  For a period of thirty days from the date of publication of any such resolution or ordinance, any interested person may contest the legality of such resolution or ordinance or the validity of the authorized lease, sale, or other disposition of commission property.  After which time, no person shall have any cause of action to contest the legality of said resolution or ordinance or to draw in question the legality of the authorized lease, sale, or other disposition of commission property for any cause whatsoever.  It shall be conclusively presumed thereafter that every legal requirement has been complied with, and no court shall have authority to inquire into such matters after the lapse of said thirty days.

B.  In addition to any other authority or powers granted to the commission, the commission shall have full power and authority to issue obligations and to provide funds for the furtherance and accomplishment of any authorized public function.

C.  For purposes of this Chapter, “authorized public function” shall include but not be limited to:

(1)  Airport and waterport and related facilities, services, and activities.

(2)  Antipollution and air, water, ground, and subsurface pollution abatement and control facilities and activities.

(3)  Cultural and civic facilities and activities.

(4)  Educational or commercial communication equipment and facilities.

(5)  Educational services and facilities and related housing and dormitory services and facilities.

(6)  Facilities, property, and equipment of any nature for the use or occupancy of:

(a)  The state or of any governmental units in the state.

(b)  The United States or any agencies or instrumentalities thereof.

(c)  Any other private person or entity.

(7)  Gas, electric, petroleum, coal, and other energy collection, recovery, generation storage, transportation, and distribution facilities and activities.

(8)  Hospital, medical health, nursery care, nursing care, clinical, ambulance, laboratory, and related services and facilities.

(9)  Housing mortgage finance and related services, activities, facilities, and properties.

(10)  Industrial, manufacturing, and other economic development facilities and activities.

(11)  Mass transit, commuting and transportation, and parking services, equipment, and facilities.

(12)  Penitentiary, rehabilitation, incarceration, and other correctional services and facilities.

(13)  Sanitary and storm sewer and other liquid and solid waste collection, disposal, treatment, and drainage services and facilities.

(14)  Water storage, treatment, supply, and distribution:  Providing, developing, securing, and improving water storage, treatment, supply, and distribution services and facilities.

D.  The powers granted in this Chapter to assist such industries, including without limitation loan, grant, or donation of funds, are hereby deemed to be the assistance of industry within the meaning of La. Const. Art. VI, § 21 .

E.  The commission may issue obligations to accomplish any of the foregoing authorized public functions or purposes and shall have the following powers, together with all powers incidental thereto or necessary for the performance of the following:

(1)  To acquire, whether by purchase, exchange, gift, lease, or otherwise, and to construct and improve, maintain, equip, and furnish one or more projects that qualify as authorized public functions, including all real and personal properties which the board of commissioners of the district may deem necessary in connection therewith and whether or not any such project shall then be in existence.

(2)  To lease or to contract for the use of or by others any or all of its authorized projects and to charge and collect rent, fees, or charges therefor and to terminate any such lease or contractual arrangement upon the failure of the lessee to comply with any of the obligations thereof.

(3)  As security for the payment of the principal of and interest on any bonds so issued, and any agreements made in connection therewith, to mortgage and pledge any or all of its projects or any part  thereof, whether then owned or thereafter acquired, and to pledge the revenues and receipts therefrom or from any other source.

F.(1)  The commission may enter into any cooperative endeavor. “Cooperative endeavor” means any form of economic development assistance between or among the commission and the state, any of its local governmental subdivisions, political corporations, or public benefit corporations, the United States or its agencies, or any public or private association, corporation, or individual.  The term “cooperative endeavor” shall include but not be limited to cooperative financing, cooperative development, or any other form of cooperative economic development activity.

(2)  “Cooperative financing” means any method of financing an economic development project between or among the commission and the state, any of its local governmental subdivisions, political corporations, or public benefit corporations, the United States or its agencies, or any public or private association, corporation, or individual.  Said methods of financing shall include loans, loan guarantees, land write-downs, grants, lease guarantees, or any form of financial subsidy or incentive.  Such loan, grant, donation, and other means of cooperative financing is deemed hereunder to be the assistance of the industries authorized to be assisted by this Chapter under the provisions of La. Const. Art. VI, § 21 .

(3)  “Cooperative development” means any method of cooperative development between or among the commission and the state, any of its local governmental subdivisions, political corporations, or public benefit corporations, the United States or its agencies, or any public or private association, corporation, or individual.  Said methods of cooperative development shall include but not be limited to any number of joint development agreements such as condominiums and cooperative ownership limited partnerships and investment syndicates.

G.  The commission may carry out and effectuate the purposes and provisions of this Chapter, including, without limiting the generality of the foregoing, the following specific authority and powers, which shall be in addition to others granted:

(1)  To apply for, receive, and accept for or from any federal agency, the state, political subdivision of the state, or any public or private source any grants, loans, or advances for or in the aid of an economic development cooperative endeavor, project, to give and accept such equity or security as may be required, and to enter into and carry out any contract of agreements in connection therewith, provided that public notice is given prior to such action.

(2)  To procure insurance against any losses in connection with its property in such amounts and from such insurers as may be necessary and desirable.

(3)  To sponsor and conduct conferences and studies, to collect and disseminate information, and to issue periodic reports.

(4)  To assist local and regional businesses in applying for federal research grants and state or federal procurement contracts including dissemination of information on the availability of such grants and contracts.

(5)  To collect and disseminate information on financial, technical, marketing, management, and other services available to local and regional businesses on a free or for-hire basis from universities, private for-profit businesses, and nonprofit organizations, or to provide for such services itself or in cooperation with public or private persons.

(6)  To receive, loan, or expand seed capital or venture capital.

Acts 2003, No. 887, §1.