The bill amends Sections 11-54-171 and 41-10-47.04 of the Code of Alabama 1975 to enhance economic development by allowing municipalities to incorporate commercial development authorities and to define "project" to include a single commercial enterprise. Specifically, the bill introduces new language that expands the definition of a project to include a single commercial enterprise engaged in various business activities, such as retail and professional services, which are deemed beneficial for job creation and financial investment. Additionally, it clarifies that commercial development authorities operating these single enterprises are ineligible for site development grants, ensuring that such grants are reserved for larger projects.

Furthermore, the bill outlines the requirements for local economic development organizations to apply for site development grants, including the need for matching funds based on the population of the county where the site is located. It also specifies that a commercial development authority project, as defined in the new language, will not be eligible for a site development grant unless it aligns with certain predominant activities. The intent of these amendments is to streamline the process for economic development while ensuring that funds are allocated effectively, with the act set to take effect on October 1, 2024.

Statutes affected:
Enrolled: 41-10-47