AL SB333

Expands powers of industrial development boards in Class 2 municipalities to issue bonds and undertake development projects for industrial, commercial, residential, and mixed-use purposes within corporate limits

Development projects may include land, buildings, facilities, equipment, and related property for uses such as homes, apartments, condominiums, hotels, offices, parking, and utilities

Requires board majority to adopt a resolution finding the project advances public purposes such as job creation, tax base expansion, blight elimination, or workforce housing

Authorizes boards to finance projects through bonds, state/local contributions, loans, or grants, and to loan bond proceeds to fund development costs

Effective date: October 1, 2026; passed Alabama Senate unanimously (32-0) on March 10, 2026