Section 41-10-47.04 - Application for site development grant; findings; project agreements(a) Any local economic development organization may apply to the authority for a site development grant.(b) Before making a site development grant, the authority shall make both of the following findings:(1) The site is comprised of at least 75 contiguous acres, provided that in addition to the 75 contiguous acres, other proximate but noncontiguous property may be a part of the site.(2) The application includes proof that the grant funds that are approved by the authority will be matched by funds on hand with, or contingently committed to, the applicant such that one of the following is true: a. If the site is located in a targeted county with a population of less than 12,000, for every dollar of grant funds, the applicant will contribute twenty-five cents ($0.25) of additional funds.b. If the site is located in a targeted county with a population of 12,000 or greater but less than 60,000, for every dollar of grant funds, the applicant will contribute fifty cents ($0.50) of additional funds.c. If the site is located in a county with a population of 60,000 or greater but less than 150,000, for every dollar of grant funds, the applicant will contribute seventy-five cents ($0.75) of additional funds.d. If the site is located in a county with a population of 150,000 or greater, for every dollar of grant funds, the applicant will contribute one dollar ($1) of additional funds.(c) The authority may impose additional requirements with regard to the sites, including, but not limited to, environmental and geotechnical matters, as well as utility related and transportation related issues.(d) Each applicant must enter into a project agreement with the authority to establish the terms and conditions of the site development grant.(e) A commercial development authority project as defined in Section 11-54-171(16) b.(7) shall not be eligible for a site development grant unless the proposed use of the site is to conduct a predominant activity described in Section 40-18-372(1).(f) The intent of this section is to allow the authority to provide funds for site development consistent with the authority's existing powers to finance or pay for "project costs" as that term is defined in Section 41-10-44.2(7), including, without limitation, site acquisition. This subsection is declaratory of the Legislature's intent in originally enacting this article and applies retroactively to the original effective date of this article.Ala. Code § 41-10-47.04 (1975)
Amended by Act 2024-99,§ 2, eff. 10/1/2024.Amended by Act 2023-512,§ 4, eff. 6/14/2023.Added by Act 2023-35,§ 1, eff. 4/20/2023.