HB215 Summary

• Proposes an amendment to Amendment 772 (Section 94.01) of the Alabama Constitution to clarify that existing local economic and industrial development authorities may continue promoting economic and industrial development locally.

• Grants counties and municipalities without prior local constitutional amendments full power to purchase, lease, and develop property for industrial sites; lease or sell property to businesses; lend credit and grant public funds for economic development; and issue bonds up to 50% of assessed taxable property value.

• Requires public approval by resolution and 7-day newspaper notice before counties or municipalities may lend credit or grant public funds to private entities, unless property is sold at fair market value.

• Repeals 58 specific local constitutional amendments adopted before December 23, 2004 that previously authorized creation of local economic and industrial development authorities, while ratifying all actions taken under those amendments.

• Election on the proposed amendment shall be held in accordance with Alabama Constitution Sections 284 and 285 and state election laws, requiring majority approval by qualified voters.