SB165, known as the Site Evaluation Economic Development Strategy, authorizes the State Industrial Development Authority to provide site assessment grants and site development grants to certain companies. The bill establishes criteria for grant approval and allows for changes to the criteria based on economic conditions. It also creates the Alabama Site Development Fund and provides for its management. The bill amends an existing section of the Code to authorize an annual appropriation to the State Industrial Development Authority for the grant program. Additionally, the bill exempts the State Industrial Development Authority and certain economic development organizations from certain state laws.

The bill also specifies that statewide economic development organizations and their officers, employees, agents, or directors will not become subject to certain chapters and sections of the law as a result of entering into contracts, leases, agreements, investments, or other activities. The State Industrial Development Authority is required to report annually to the Legislature on the number, amount, and location of site grants distributed. The bill also appropriates up to $2,000,000 from the Capital Improvement Trust Fund to the State Industrial Development Authority for the purpose of paying industrial development site grants, site assessment grants, or site development grants. The bill becomes effective immediately upon passage and approval by the Governor or otherwise becoming law.

Statutes affected:
Introduced: 41-10-47
Engrossed: 41-10-47
Enrolled: 41-10-47