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 governance structure includes a board of directors with ex officio members, such as the Governor and Secretary of Commerce, and at-large members appointed by the Governor and legislative leaders. The board will support the Department of Commerce in developing an annual strategic economic development plan and reviewing state economic development incentives.

The bill SB252 further amends the governance and operational structure of the Alabama Growth Alliance, allowing the Governor to appoint at-large board members while ensuring diversity in gender, race, and geography. It specifies that board members serve two-year terms, with a maximum of two consecutive terms, and may be removed by the Governor. The board is empowered to enter contracts, adopt bylaws, and manage funds, while also focusing on promoting economic opportunities in rural communities and for minority-owned businesses. Significant insertions include provisions for the board to evaluate Alabama's competitiveness and analyze economic trends, while deletions from current law remove certain compliance requirements, granting the board greater financial flexibility. The corporation will operate as a public entity separate from the state, and it is required to submit an annual report to the Legislature starting in 2026. The Act is set to take effect on October 1, 2024, following the Governor's approval.

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