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AL HB249
Bill
Status
3/22/2011
Primary Sponsor
Alan Harper
Click for details
AI Summary
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Removes the requirement that grantees receiving State Industrial Development Authority grants must receive fair market value when selling land for which a grant was made.
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Eliminates existing language prohibiting grants when individuals, private associations, or private corporations receive options to purchase industrial sites for less than fair market value.
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Maintains other grant conditions including limits on site preparation costs (one and one-half percent of anticipated construction costs) and authority audit powers.
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Becomes effective immediately upon passage and gubernatorial approval.
Legislative Description
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.
Industrial Development Authority
Last Action
Harper motion to Indefinitely Postpone adopted Voice Vote
4/27/2011