The bill amends Sections 11-54-171 and 41-10-47.04 of the Code of Alabama 1975 to enhance economic development initiatives within municipalities. It authorizes municipalities to incorporate commercial development authorities and expands the definition of "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. The new language specifies that these single commercial enterprises must align with the redevelopment plans of the authority.

Additionally, the bill establishes that commercial development authorities operating these single enterprises are ineligible for site development grants unless the proposed use of the site aligns with specific predominant activities outlined in existing law. The intent of the legislation is to clarify the authority's ability to provide funds for site development consistent with its existing powers, including site acquisition. The act is set to take effect on October 1, 2024.

Statutes affected:
Enrolled: 41-10-47