The bill amends Section 11-54-171 of the Code of Alabama 1975, which pertains to the authorization of municipalities to incorporate commercial development authorities. The amendment expands the definition of a "project" to include a single commercial enterprise, which could encompass a variety of businesses such as retail, restaurants, professional offices, or other commercial ventures that contribute to job creation, workforce development, and financial investment. This change is intended to support the redevelopment plans of the authorities by allowing a broader range of commercial activities to qualify as projects.

Additionally, the bill amends Section 41-10-47.04 of the Code of Alabama 1975, which governs the awarding of site development grants. The amendment specifies that commercial development authority projects defined in Section 11-54-171(16)b.(7) are ineligible for site development grants unless the site's predominant activity is described in Section 40-18-372(1). The bill also clarifies the legislative intent, stating that the authority is allowed to provide funds for site development consistent with its existing powers, including site acquisition. This clarification is retroactive to the original enactment of the article. The act is set to become effective on October 1, 2024.

Statutes affected:
Enrolled: 41-10-47