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 introduces Article 24, starting with Section 41-10-870, to the Code of Alabama 1975, which highlights the need for long-term planning and collaboration between public and private sectors, particularly in high-growth industries where Alabama has competitive advantages. The Act outlines the incorporation process and the formation of a governing board, which will include key state officials and appointed at-large members responsible for managing the corporation and supporting the Department of Commerce in developing an annual strategic economic development plan.

Additionally, the bill SB252 amends existing laws to refine the governance and operational structure of the Alabama Growth Alliance. It mandates the appointment of at-large board members by the Governor, ensuring diversity in representation, and establishes terms of service for board members. The board is empowered to adopt bylaws, enter contracts, and manage funds while promoting economic opportunities in rural communities and for minority-owned businesses. The bill also allows the board to enter into agreements with economic development entities and outlines procedures for amending the corporation's formation application and dissolving the corporation. Importantly, the Act will take effect on October 1, 2024, following the Governor's approval, and does not include any deletions from current law but introduces comprehensive new provisions.

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