SB76 Alabama 2011 Session

Updated Feb 27, 2026

Notable

Summary

Primary Sponsor: Del Marsh
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: SB76 removes the requirement that grantees receive fair market value when selling land they own that was funded by a grant.
What This Bill Does
The bill updates Section 41-10-27 to drop the fair market value requirement for land sales by grant recipients. It also continues to authorize the Industrial Development Authority to issue bonds up to $2.6 million to fund grants for industrial development, including surveys and site preparation. Grants remain subject to specific limits and oversight, such as a 1.5% cap on certain site-prep spending, the authority’s auditing power, and other enforceable terms, with immediate effect upon governor approval.

Who It Affects
Grantees (local governments or private entities) that receive grants to develop industrial sites; they could sell land funded by grants without needing to obtain fair market value.
Industrial Development Authority and state taxpayers; the bill changes financing and oversight of grant programs (bond issuance and enforcement), affecting public finances and administration.

Key Provisions
Eliminates the requirement that grantees receive fair market value when selling land they own that was the subject of a grant.
Authorizes the Industrial Development Authority to issue bonds up to $2,600,000 to fund grants authorized under the related grant section.
Grants may be used for surveys, labor availability assessments, site preparation, or a combination, with enforceable terms including a cap of 1.5% of the anticipated construction and equipment costs for site preparation and the authority’s audit power over disbursements.
Effective date is immediate after governor’s approval.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.
Subjects: Industrial Development Authority