HB 508 Summary

• Authorizes municipalities and counties to establish local redevelopment authorities for economic development and redevelopment of property contiguous to operational or non-operational U.S. military installations within Alabama.

• Grants authorities power to issue revenue bonds, acquire and manage projects, finance construction, and exercise eminent domain, with bond repayment solely from project revenues and receipts.

• Exempts authorities and their projects from state, county, and municipal taxation (including ad valorem and sales taxes), though exemptions may be conditioned on payment in lieu of taxes.

• Establishes governance structure with a board of directors elected by the authorizing subdivision for staggered six-year terms, and authorizes authorities to make loans, enter contracts with private users, and implement foreclosure procedures for non-payment of assessments.

• Requires Governor's written authorization designating projects as eligible and minimum $25 million capital expenditure threshold, with authority board approval needed to confirm projects facilitate military installation retention or development.