Under existing law, the State Industrial Development Authority may provide grant funds to a grantee, as defined in Section 41-10-20, Code of Alabama 1975, whereby no person, as defined in Section 41-10-20, Code of Alabama 1975, has received or will receive an option to purchase the industrial site or any part thereof from the grantee for less than fair market value of such site.
This bill would remove the requirement that a grantee must receive at least fair market value for any site with respect to which a grant is made.
Delivered to Governor at 10:15 a.m. on April 28, 2011
Assigned Act No. 2011-215.
Enrolled
Signature Requested
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 531
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Economic Development and Tourism
Motion to Read a Third Time and Pass adopted Roll Call 151
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Job Creation and Economic Development
Source: Alabama Legislature