AL SB168

Amends Alabama Code Section 11-54-171 to authorize municipalities to establish commercial development authorities and expands the definition of "project" to include single commercial enterprises engaged in retail, restaurants, professional offices, or other beneficial commercial activities.

Adds a new category (16.b.7) defining a single commercial enterprise project as any business engaged in commerce and deemed beneficial for job creation, workforce development, and financial investment as identified in the authority's redevelopment plan.

Amends Section 41-10-47.04 to establish matching fund requirements for site development grants based on county population: $0.25 per grant dollar for counties under 12,000; $0.50 for counties 12,000-60,000; $0.75 for counties 60,000-150,000; and $1.00 for counties over 150,000.

Restricts site development grant eligibility for single commercial enterprise projects unless the proposed use conducts a predominant activity described in Section 40-18-372(1).

Clarifies legislative intent that authorities may provide site development funds consistent with existing powers to finance project costs, including site acquisition, with retroactive application to the original effective date of the article; becomes effective October 1, 2024.