§933. Cooperative endeavor agreement requirements

A. A cooperative endeavor agreement with the department shall include but not be limited to the following terms and requirements:

(1) An agreement with a nongovernmental entity for economic development purposes shall contain the specific goals sought to be achieved by the nongovernmental entity and methods for reimbursement to the state if those goals are not met. Further, a nongovernmental entity, other than one participating in a business incubator program, Quality Jobs Program, or Enterprise Zone Program, which defaults on the agreement, breaches the terms of the agreement, ceases to do business, or ceases to do business in Louisiana, shall be required to repay the state, and the agreement shall set out the terms of the repayment.

(2) An agreement based on a legislative appropriation to a public or quasi-public agency or entity which is not a state budget unit shall include a comprehensive budget, provided to the agency and the legislative auditor, showing all anticipated uses of the appropriation, an estimate of the duration of the project, and a plan showing specific goals and objectives, including measures of performance.

(3) The department shall notify all businesses entering into cooperative endeavor agreements of the specific goals within the Louisiana Hudson Initiative and the Veterans Initiative as set forth by the division of administration.

(4) All agreements shall contain a plan to monitor compliance with the terms of the agreement, assigning a particular person within the Department of Economic Development to be responsible for monitoring the agreement. Written reports shall be provided to the Department of Economic Development at least every six months concerning the use of funds and the specific goals and objectives for the use of the funds.

B. The requirements set contained in Subsection A of this Section shall not apply to any existing economic development programs established by the Louisiana Constitution, the Revised Statutes of 1950, or by administrative rule, prior to August 15, 2010.

Acts 2010, No. 1031, §1.