AL HB501

Authorizes the City of Prichard to establish self-help business improvement districts within its corporate limits, funded through benefit assessments on businesses located within district boundaries

Requires a written petition signed by at least 60% of affected business owners to initiate district formation, with benefit assessment rates capped at 4% of gross business revenue

Districts may operate for up to 10 years (longer if bond-financed), with a business owners' association managing collected funds and implementing improvements such as property acquisition, construction, and maintenance

Authorizing ordinances take effect 30 days after passage unless written protests are received from more than 50% of business owners, which blocks the district from being established

Requires annual audits by a certified public accountant, prospective reports to the city council, and allows dissolution upon petition of 60% or more of business owners after two years of operation