The proposed bill introduces a new Article 2D to the Code of Alabama, establishing the Site Evaluation Economic Development Strategy, which empowers the State Industrial Development Authority to provide site assessment and development grants to local economic development organizations. Grant applicants are required to match funds based on the population of the targeted county, with varying contribution rates according to county size. The bill also creates the Alabama Site Development Fund, managed by the authority's board and funded through state appropriations and federal grants. Additionally, it amends Section 41-10-27.2 to allow for annual appropriations to the authority specifically for the grant program and grants the authority the flexibility to make exceptions to certain requirements based on economic conditions.

Moreover, the bill modifies Section 41-10-27.2 to ensure 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 new site assessment and development grants. It also exempts statewide economic development organizations from certain chapters of Title 36, Title 41, Title 39, or Section 36-12-40 regarding their contracts and investments. The bill mandates the authority to provide an annual report to the Legislature detailing site grants distributed and removes references to Amendment 666 of the Constitution of Alabama of 1901, updating the constitutional reference to 2022. 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