HB448 Summary

• Creates the Africatown Redevelopment Corporation for Class 2 municipalities to revitalize housing, preserve history, and develop commerce within the Africatown Historic District on the National Register of Historic Places.

• Establishes a 9-member board of directors appointed by city council members, the mayor, county commissioners, state legislators, The Clotilda Descendants' Association, and the Africatown Heritage Preservation Foundation, with expertise required in real estate development, historic preservation, city planning, banking, and economic development.

• Requires initial appointments within 30 days and staggered initial terms of two years for five members and one year for four members, with all subsequent terms being two years.

• Grants the corporation broad powers to acquire, develop, and manage property; issue bonds; enter contracts; accept grants; and employ personnel within the Africatown area.

• Exempts the corporation and its property, bonds, and income from state taxation and competitive bidding requirements; protects board members from civil liability; ensures state and political subdivisions are not liable for corporation obligations.