AL HB311

Proposes a constitutional amendment allowing municipalities and counties with tax increment districts in Major 21st Century Manufacturing Zones to set compensation for property disposal at their sole discretion rather than requiring fair market value determined by independent appraisal.

Permits expenditure of public moneys, ad valorem tax revenues, and bond proceeds from tax increment districts for acquisition and redevelopment of property that may be disposed of to private interests without minimum compensation requirements.

Exempts municipalities and counties exercising powers under the Major 21st Century Manufacturing Zone Act (Act 2013-51) from constitutional limitations in Sections 93 and 94 regarding lending or giving public credit.

Amendment requires voter approval by majority of qualified state electors at a general election conducted according to constitutional procedures.

Governor shall publish election notice in every county for four consecutive weeks prior to the election through newspapers or courthouse postings where no newspaper is available.