La. R.S. 47:4311 — Findings and purpose

It is recognized as essential to the continued growth and development
of the state and to the continued prosperity and welfare of the people of the
state that the expansion, restoration, improvement, and development of
existing commercial structures and owner-occupied residences in downtown,
historic, and economic development districts be encouraged in order to provide
for the development and improvement of local communities, the fullest use of
underutilized resources, and the enhancement of the tax base. For these
reasons the legislature proposed and the people of Louisiana adopted Article
VII, Section 21(H) of the Constitution of Louisiana to provide a means by
which owners of such properties who expand, restore, improve, or develop
them may pay ad valorem taxes for five years based upon the assessed
valuation of the property for the year prior to the commencement of the
expansion, restoration, improvement, or development. It is the purpose of this
Chapter to provide the procedures and conditions for the granting of contracts
for such purpose by the State Board of Commerce and Industry in accordance
with the provisions of the Louisiana Constitution.