HB257 Alabama 2023 Session

This bill would create the Site Evaluation Economic Development Strategy, a site development grant funding program that encourages the acquisition of new sites to meet speed-to-market demand. Grants would be available for the assessment of sites and for the subsequent development of sites

This bill would require matching funds from local economic development organizations

This bill would also provide that the site development grant funding program would be administered by the State Industrial Development Authority

This bill would create the Alabama Site Development Fund and provide for its management

This bill would also exempt the State Industrial Development Authority and economic development organizations from specified state laws

Relating to economic development; to add Article 2D, HB257 INTRODUCED commencing with Section 41-10-47.01, to Chapter 10 of Title 41, Code of Alabama 1975; to authorize the State Industrial Development Authority to make site assessment grants and site development grants to certain companies; to provide for the criteria that must be met for grant approval; to provide for changes to criteria based on economic conditions; to limit the funding that may be received by any site under the grant program; to create the Alabama Site Development Fund and provide for its management; to amend Section 41-10-27.2, Code of Alabama 1975, providing for an annual appropriation to the State Industrial Development Authority, to authorize the appropriation to be expended on the grant program created herein; and to exempt the State Industrial Development Authority and certain economic development organizations from certain state laws.