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Governor Jeff Landry signed legislation on Tuesday fulfilling his promise to overhaul Louisiana Economic Development in an effort to revitalize business investment and job creation throughout the state.
Landry signed SB 494, known as the “Positioning Louisiana to Win” bill, which “modernizes” the organizational structure of Louisiana Economic Development.
The legislation establishes a private sector-led board—the Louisiana Economic Development Partnership—charged with developing an economic development strategic plan and advising on policies, programs and initiatives that promote economic growth in the state. It also provides the agency with flexibility to “operate at the speed of business” by exempting it from state procurement and technology services bottlenecks.
The bill also eliminated a statutory requirement that the governor appoint an assistant secretary and undersecretary, and the LED secretary now has the flexibility to create a leadership structure that best serves the agency’s current needs.
With the changes, LED’s organizational framework is now in line with practices of other state economic development agencies such as Virginia, North and South Carolina and Georgia, and also follows the recommendations of a study commissioned by the Committee of 100.
“Other states have had capabilities and structure we lacked at LED,” said Adam Knapp, CEO of the Committee of 100. “It’s important that this bill was based on independent, national research of best practices in other states. Today’s bill signing marks a new day in Louisiana’s aggressive pursuit of economic development.”
Along with the organizational structure changes, LED is also moving its offices to a building on North River Road near Lafayette Street, Downtown Development District Executive Director Whitney Hoffman Sayal announced on Tuesday.
