Bill SB336 establishes a comprehensive framework for the creation and operation of research and development corridors in Alabama, aimed at promoting economic development through innovative projects. The bill allows municipalities to form these corridors as public corporations, detailing the incorporation process which requires a written application from at least three qualified electors, along with necessary documentation such as a proposed certificate of incorporation. Key provisions include exemptions from certain laws, such as taxation and competitive bidding requirements, to facilitate operations. The bill emphasizes the importance of supporting new economic opportunities and aligns with the strategic economic development plan, Accelerate Alabama 2.0.

Additionally, the bill outlines the governance structure of the corridors, mandating that board membership reflect the diversity of the authorizing subdivisions and allowing for the appointment of non-voting members by the Alabama Innovation Corporation. It grants corridors various powers, including the ability to acquire property, enter into contracts, and manage financial obligations, while ensuring transparency and accountability through required record maintenance and annual financial audits. The bill also introduces provisions for financial obligations, allowing corridors to issue negotiable instruments and incur obligations secured by property liens. Overall, SB336 aims to streamline the establishment and operation of research and development corridors, enhancing Alabama's economic landscape while ensuring local governance and oversight.