The Alabama Growth Alliance Act establishes a new public corporation called the Alabama Growth Alliance, aimed at enhancing the state's economic development through a public-private partnership. This Act adds Article 24, commencing with Section 41-10-870, to Chapter 10, Title 41 of the Code of Alabama 1975, and includes legislative findings that emphasize the necessity for long-term economic planning and collaboration between public and private sectors. The Act defines key terms such as "BOARD," "CORPORATION," and "ECONOMIC DEVELOPMENT ENTITY," and outlines the criteria for the formation and operation of the Alabama Growth Alliance, which will be managed by a board of directors composed of both ex officio and at-large members.

The bill SB252 further refines the governance and operational structure of the Alabama Growth Alliance, including provisions for the appointment of at-large board members by the Governor, who must ensure diversity in gender, race, and geography. Board members will serve two-year terms, with a maximum of two consecutive terms, and will not receive compensation for their service, although they may be reimbursed for travel expenses. The board is empowered to enter into agreements with economic development entities, adopt bylaws, and manage funds, while also being exempt from certain compliance requirements outlined in previous laws. The bill mandates the corporation to submit an annual report to the Legislature starting in 2026 and is set to take effect on October 1, 2024, following the Governor's approval. Notably, there are no deletions from existing law, as the Act introduces entirely new provisions.

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