A. There is hereby created the Louisiana Competes Regional Economic Development Program to be administered by Louisiana Economic Development, to provide grants to regional economic development organizations pursuant to the Louisiana Competes Regional Economic Development Program as established in this Chapter.
B. Each regional economic development organization shall receive an initial grant in the amount of one-eighth of the initial funds appropriated in accordance with the provisions of this Chapter. Each regional economic development organization shall receive all subsequent grants in the amount of one-eighth of the annual funds appropriated or otherwise generated in accordance with the provisions of this Chapter.
C. The secretary shall promulgate administrative rules in accordance with the Administrative Procedure Act to implement the provisions of this Chapter. The rules shall be promulgated in consultation with the eight regional economic development organizations and the Louisiana Chamber of Commerce Foundation.