SB165 Alabama 2023 Session

Sponsors

Session

Regular Session 2023

Title

Relating to economic development; to add Article 2D, 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.

Description

<p class="bill_description"> 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</p><p class="bill_description"> This bill would require matching funds from local economic development organizations</p><p class="bill_description"> This bill would also provide that the site development grant funding program would be administered by the State Industrial Development Authority</p><p class="bill_description"> This bill would create the Alabama Site Development Fund and provide for its management</p><p class="bill_description"> This bill would exempt the State Industrial Development Authority and economic development organizations from specified state laws</p><p class="bill_entitled_an_act"> Relating to economic development; to add Article 2D, SB165 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. </p>