§9038.68. Certain tax increment development corporations

A. In addition to the authority provided to a Tax Increment Development Corporation by Chapter 1 of Subtitle IX of Title 47 of the Louisiana Revised Statutes of 1950, (R.S. 47:8001 et seq.), any Tax Increment Development Corporation activated in a municipality with a population of not less than three thousand three hundred and not more than three thousand three hundred ninety-five persons according to the most recent federal decennial census shall have the tax increment finance authority, taxing authority, and other authority that is provided to local governmental subdivisions in Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950 (R.S. 33:9038.31 et seq.), for the purpose of financing or refinancing an economic development project or a tax increment community development project consisting of a combination of residential housing units, a bank, and retail establishments including a grocery store, pharmacy, restaurants, and related facilities. The authority shall include but not be limited to ad valorem tax increment financing and bonding in R.S. 33:9038.33, sales tax increment financing and bonding in R.S. 33:9038.34, cooperative endeavor authority in R.S. 33:9038.35, bond authority in R.S. 33:9038.38, and ad valorem, sales tax, and hotel occupancy tax authority in R.S. 33:9038.39.

B. Notwithstanding any provision of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950 (R.S. 33:9038.31 et seq.) or any other law to the contrary, any powers, authorities, or duties granted under the laws in that Part shall be restricted to a geographically-defined district of no more than ten acres initiated by the chief executive officer or mayor of a municipality, or to a tax increment community development area established by ordinance or resolution of the corporation of no more than ten acres, within which the project described in Subsection A of this Section will be constructed.

C. The corporation may pledge any taxes collected under the authority of this Section to a tax increment community development project of a corporation or an economic development project described in Subsection A of this Section in furtherance of the purposes of the corporation. Financing may include but shall not be limited to loans, mortgages, the issuance of bonds, or the issuance of certificates of indebtedness.

D. Notwithstanding any provision of Part II of Chapter 27 of Title 33 of the Louisiana Revised Statutes of 1950 (R.S. 33:9038.31 et seq.) or any other law to the contrary, the corporation may not dissolve or cease to exist until one year after the date all bonds, notes, and other evidences of indebtedness of the corporation, including refunding bonds, are paid in full as to both principal and interest; however, in no event shall the corporation have an existence of less than three years.

E. This Section shall be liberally construed to effect the purposes thereof.

Acts 2015, No. 464, §1, eff. July 1, 2015.