The proposed bill introduces a new Article 2D to Chapter 10 of Title 41 in the Code of Alabama 1975, establishing the Site Evaluation Economic Development Strategy. This legislation empowers the State Industrial Development Authority to provide site assessment and development grants to local economic development organizations, contingent upon meeting specific criteria. A key feature of the bill is the creation of the Alabama Site Development Fund, which will be financed through various sources, including gifts, grants, and legislative appropriations. The bill outlines grant application requirements, including matching funds based on the population of the targeted county, and allows for flexibility in grant approval based on economic conditions.

Additionally, the bill amends Section 41-10-27.2 to facilitate annual appropriations to the State Industrial Development Authority for the grant program and exempts the Authority and certain economic development organizations from specific state laws. It mandates that the Authority provide an annual report to each member of the Legislature detailing the distribution of site grants. The bill also establishes that starting in the fiscal year ending September 30, 2024, the Legislature will appropriate up to $2,000,000 annually from the Capital Improvement Trust Fund for industrial development site grants and modifies references to the Constitution of Alabama. The act is set to take effect immediately upon passage and approval by the Governor.

Statutes affected:
Introduced: 41-10-47
Engrossed: 41-10-47
Enrolled: 41-10-47