The Alabama Growth Alliance Act establishes the Alabama Growth Alliance as a public corporation, separate from the state and any local government entities, to foster economic development in Alabama. The Act recognizes the importance of private sector involvement in economic planning and public-private partnerships. It defines key terms, outlines the incorporation process, and specifies the composition of the board of directors, which includes ex officio members like the Governor and the Secretary of Commerce, as well as at-large members appointed by state leaders. The board is empowered to manage and control the corporation, and the Act details the application process for incorporation, the role of the Secretary of State, and the issuance of a certificate of incorporation.

SB252 Enrolled further details the board's structure, with members having private sector experience and being subject to Alabama ethics law. The Governor's appointments should reflect the state's diversity. At-large members serve two-year terms, with a two-term limit and a two-year waiting period for reappointment. The board can hold meetings remotely, requires a majority for a quorum, and must provide notice for meetings. The board's powers include input on long-range economic strategies, coordination between entities, and measuring the effectiveness of economic incentives. The board can enter into agreements with economic development entities, make contracts, and manage funds. The corporation can amend its formation and can be dissolved with a three-quarters board vote, with property reverting to the state upon dissolution. An annual report to the Legislature is required starting in 2026, and the Act becomes effective on October 1, 2024.

Statutes affected:
Introduced: 41-10-870
Engrossed: 41-10-870
Enrolled: 41-10-870