BATON ROUGE, La. — Louisiana Economic Development will open the second round of its FastSites program Oct. 1, making $50 million available for infrastructure and site improvements intended to prepare properties for future economic development projects.
Applications will be accepted through Dec. 1. Competitive projects must be development-ready and capable of beginning construction within nine months, include matching funds and demonstrate a path to repayment.
FastSites is funded through the $200 million Site Investment and Infrastructure Fund established by the Louisiana Legislature. The program supports infrastructure and other improvements designed to increase the inventory of development-ready sites across the state.
“FastSites is changing how Louisiana prepares for economic development by investing before infrastructure becomes a barrier,” LED Chief Economic Competitiveness Officer Ileana Ledet said. “The first round showed the demand from communities ready to move critical site and infrastructure projects forward, and Round II builds on that progress by helping more communities put the infrastructure in place to compete for future projects.”
The inaugural funding round supported projects that expanded development-ready acreage and improved infrastructure including site access and utilities.
The program is structured to combine state funding with local or private investment. Projects must include a repayment mechanism, allowing returned funds to be reinvested in future site development efforts.
Eligible applicants include economic development organizations, municipalities, redevelopment authorities, political subdivisions and other qualifying entities. Privately owned sites may also qualify under program requirements.
LED will host a webinar for prospective applicants at 1 p.m. Sept. 18 to provide information about the program and application process.
Additional program information and application guidelines are available through Louisiana Economic Development’s FastSites program.