The bill SB165, known as the Site Evaluation Economic Development Strategy, introduces new provisions to the Code of Alabama to support the State Industrial Development Authority in making site assessment and development grants to certain companies. It outlines the criteria for grant approval and allows for adjustments based on economic conditions. The bill also establishes the Alabama Site Development Fund and details its management. Furthermore, it amends an existing section of the Code to permit an annual appropriation to the State Industrial Development Authority for the grant program. The bill includes new legal language that exempts the State Industrial Development Authority and certain economic development organizations from specific state laws. The bill amends Section 41-10-27.2 of the Code of Alabama 1975, updating the fiscal year reference from 2006 to 2024 and authorizing the Legislature to annually appropriate up to $2,000,000 from the Capital Improvement Trust Fund for industrial development site grants, which now include site assessment and development grants. It also removes references to Amendment 666 of the Constitution of Alabama of 1901, updating it to the Constitution of Alabama of 1901/2022. The bond commission is tasked with consulting the State Industrial Development Authority to recommend the appropriation amount to the Legislature. The act will take effect immediately upon being signed by the Governor or otherwise becoming law.

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