On or before September 1, 1992, a municipality with a population of more than five thousand six hundred but less than six thousand, or any corporation created therein, may enter into a written cooperative endeavor agreement to carry out an economic development project wherein the municipality or corporation may: (1) Construct improvements on public property to carry out the purposes of this Chapter which activities shall be exempt from Chapter 10 of Title 38 of the Louisiana Revised Statutes of 1950. (2) Once the improvements have been completed, transfer the improved property to the other party to the cooperative endeavor agreement by sale, conveyance, lease, exchange, or lease-purchase according to such terms and conditions as the municipality or corporation may determine proper. Such transfer shall be exempt from the provisions of Title 41 of the Louisiana Revised Statutes of 1950.
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