HB66 Summary

• Authorizes any Alabama municipality or county to incorporate a local redevelopment authority to promote economic development on land contiguous to an active U.S. Air Force military installation.

• Grants the authority broad powers to finance, construct, acquire, lease, and operate projects within a designated local redevelopment area (limited to 150 square acres) requiring minimum $25 million in capital expenditures.

• Permits the authority to issue interest-bearing revenue bonds secured by project revenues and to establish payments in lieu of taxes (PILOT) administered parallel to state ad valorem, income, sales, and use taxes.

• Exempts the authority, cooperative districts, and private users from state and local taxation, license/excise taxes, usury laws, and competitive bid requirements during the bond financing period (20 years after incorporation).

• Establishes foreclosure procedures for collecting delinquent assessments and requires legislative notice before authority dissolution; bonds issued by the authority do not create state, county, or municipal debt obligations.