HB257 Summary

• Establishes the "Site Evaluation Economic Development Strategy" (Article 2D) authorizing the State Industrial Development Authority to award site assessment grants and site development grants to companies for industrial development.

• Creates the Alabama Site Development Fund as an irrevocable trust funded by legislative appropriations (up to $2,000,000 annually), gifts, grants, federal funding, and investment income, managed by the Authority's board with broad investment authority.

• Sets grant eligibility requirements: site assessment grants require minimum 50-acre sites owned or optioned by local economic development organizations with matching funds; site development grants require minimum 75 contiguous acres with matching funds and allowance for additional proximate noncontiguous property.

• Permits the board to waive standard requirements by majority vote when economic conditions warrant, provided sites are suitable for activities listed in Section 40-18-372(1) and serve the public interest.

• Exempts the State Industrial Development Authority and local economic development organizations from compliance with state procurement laws (Title 39, Chapter 2; Title 41, Chapter 4, Article 5) and public records/ethics laws (Title 36, Chapters 25 and 25A) when entering into contracts related to the grant program.