The proposed bill introduces a new Article 2D to the Code of Alabama, 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. The bill outlines grant application requirements, including site size and matching funds based on county population, and creates the Alabama Site Development Fund, which will be 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 enables the authority to adjust grant criteria based on economic conditions.

Moreover, the bill modifies Section 41-10-27.2 to appropriate up to $2,000,000 annually from the Capital Improvement Trust Fund to the State Industrial Development Authority for industrial development site grants starting in the fiscal year ending September 30, 2024. It also exempts the authority and certain economic development organizations from specific state laws related to 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