RS 7633 - Cooperative endeavor agreements
A.(1) As authorized by Article VII, Section 14(C) of the Louisiana Constitution, political subdivisions and political corporations may enter into a cooperative endeavor agreement with any public or private association, corporation, or individual to carry out a local infrastructure project to achieve a public purpose. Any capital improvements shall be on public property and for local infrastructure projects as authorized in this Chapter.
(2) As used in this Chapter, a "local governmental entity" shall mean the political subdivision or political corporation authorized to execute a cooperative endeavor agreement under this Chapter.
B. This cooperative endeavor agreement may provide for the investment, pledge, use, or deposit of private funds and the guarantee by the public or private association, corporation, or individual of certain financial obligations, to achieve the goals set forth in the agreement. The agreement shall state how the donation for the project will result in the furtherance of a public purpose of the local government entity.
C. The cooperative endeavor agreement shall set forth in reasonable detail the following items:
(1) The obligations of the various parties.
(2) A showing of reasonable expectations that the benefits to be received by the local governmental entity from the donation equal or exceed any local tax rebates, tax credits, or other incentives to be awarded on the project.
(3) Consequences to the public or private association, corporation, or individual in the event of a default or breach of the agreement by the association, corporation, or individual that shall include a repayment to the local governmental entity when appropriate, of any rebates, tax credits, or other incentives awarded or expenses incurred.
Acts 2014, No. 746, §1, eff. June 19, 2014.