HB249 Alabama 2011 Session

Updated Feb 27, 2026

Notable

Summary

Primary Sponsor: Alan Harper
Republican
Session: Regular Session 2011
Title: Industrial Development Authority, requirement that fair market value must be received for transfers of land owned by authority, removed, Sec. 41-10-27 am'd.
Summary: HB249 would remove the requirement that the State Industrial Development Authority must receive fair market value when selling land it owns that was acquired with a grant.
What This Bill Does
If passed, the authority could sell land it owns with a grant without needing to ensure the sale price equals fair market value. Other grant rules and oversight would remain in place, including bond authority and grant use restrictions. The bill keeps the grant program and its goals (surveys, site preparation, labor availability) and would take effect immediately after the governor signs it.

Who It Affects
Grantees and their partners (or buyers) who would benefit from not being required to pay FMV when land is sold that was funded by a grant.
The State Industrial Development Authority and its oversight/audit responsibilities, which would operate under the altered FMV rule and maintain existing grant terms and enforcement.

Key Provisions
Amends Section 41-10-27 to remove the requirement that a grantee must receive fair market value when selling land it owns for which a grant is made.
Maintains the grant program authority, including issuing bonds up to $2,600,000 and allowable uses such as surveys, labor availability assessments, site preparation, or combinations thereof.
Keeps grant terms and conditions related to use of funds, audits, and enforcement (including cost and compliance provisions) in place, with the overall FMV requirement removed as described.
Effective date: immediate upon passage and governor's approval.

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Industrial Development Authority