SB53 Summary

• Authorizes municipalities and counties to incorporate local redevelopment authorities to promote economic development on land contiguous with active U.S. Air Force military installations, limited to 150 square acres.

• Grants authorities broad powers to acquire, finance, construct, lease, and sell projects; issue interest-bearing revenue bonds; and establish payments in lieu of taxes.

• Exempts authorities, their bonds, and private users from state and local ad valorem taxes, sales taxes, license taxes, and usury laws for 20 years from incorporation.

• Requires applicant groups of at least three qualified electors to file applications with governing bodies, which must obtain signed authorization from the Governor and Alabama Job Creation and Military Stability Commission.

• Establishes foreclosure procedures for unpaid assessments and payments-in-lieu-of-tax, with a 10-day notice period before enforcement action can commence.