LA SB187

Creates the St. Martin Parish Economic and Industrial Development District as a permanent political subdivision covering all territory within St. Martin Parish, with powers of taxation and bond issuance subject to voter approval

Establishes a 9-member board of commissioners appointed by local governing bodies: St. Martin Parish Council (2), School Board (3), Sheriff (1), Breaux Bridge City Council (1), St. Martinville City Council (1), and Village of Parks Council (1), serving 3-year terms

Grants the district authority to acquire property, construct facilities, issue licenses, provide industrial incentives including below-market leases and loans, and establish business foundations for venture capital to support start-up and expanding businesses

Authorizes the district to levy ad valorem taxes and sales/use taxes up to 1% with voter approval, and to issue general obligation bonds, revenue bonds, and certificates of indebtedness for economic development purposes

Requires projects receiving district support to employ at least 50% St. Martin Parish residents and obtain at least 50% of goods/services from parish suppliers, with waivers available for substantial hardship