Section 40-18-417.2 - Applications(a)(1) A local economic development organization that owns a site may apply to the Department of Commerce for funding to solve an inadequacy involving the site. The application by the local economic development organization shall include at least one of the following:a. If there is a pending expression of interest about the site from an industry or business, a list of the site preparation or public infrastructure work needed to make the site acceptable to the industry or business.b. If the site has been offered to one or more industries or businesses but the offer did not result in the industry or business locating on the site, a list of the site preparation or public infrastructure work that, if it had been completed, would have made the site acceptable to the industries or businesses.c. If the site is an industrial or research park that needs connections to interstates, highways, roadways, rail systems, or sewer, fiber, electrical, gas, or water infrastructure, a list of the site preparation or public infrastructure work needed.d. Capital improvements or economic development activities at an inland port or intermodal facility, as described in Section 40-18-417.1; provided that the application is accompanied by an economic impact report on such improvements or activities.e. Any site improvement or public infrastructure work in census tracts that meets the definition of low-income communities pursuant to 26 U.S.C. § 45D(e) as those communities were identified as of January 1, 2015, or in such a community identified thereafter.(2) An economic development organization may apply to the Department of Commerce for funding to undertake the construction, maintenance, promotion, operation, management, leasing, and subleasing of an agricultural center that includes a multi-use facility and related commercial and noncommercial structures for livestock, equestrian, small animal shows and events, spectator events, trade shows, educational conferences, agricultural and agricultural related industries, educational, demonstrational or training purposes, educational and training conferences or events, recreational vehicle rallies, recreational vehicle multi-day parking, hosting of corporate and non-corporate organization meetings, use as fair grounds, operation of retail activities, and other events and facilities expected to draw participants and spectators from states located across the southeastern United States, with a projected total annual economic impact upon completion of all phases of the agricultural center of at least thirty-five million dollars ($35,000,000) and with the related and supporting infrastructure and facilities having a projected capital expenditure upon completion of all phases of the agricultural center of at least one hundred million dollars ($100,000,000); provided that the application is accompanied by an economic impact report on the agricultural center.(b) The application shall include quotes for the completion of the work, following compliance with the procedures set forth by the Department of Economic and Community Affairs, as if the organization were disbursing state funds received from the department.(c) The application provided in paragraph (a)(1) a. or b. shall include an estimate of the number of jobs, wages, and capital investment which would have been undertaken by the industries or businesses referred to in paragraph (a)(1) a. or b.(d) The application provided in subsection (a) shall include proof that the economic development organization has in full force and effect a conflict of interest policy consistent with that found in the instructions to Form 1023 issued by the Internal Revenue Service.(e) The application provided in subsection (a) shall include a notarized affirmation by an officer of the economic development organization that the submission of the application did not violate the conflict of interest policy referred to in subsection (d).Ala. Code § 40-18-417.2 (1975)
Amended by Act 2024-441,§ 1, eff. 6/1/2024.Amended by Act 2023-34,§ 2, eff. 4/20/2023.Added by Act 2021-2,§ 4, eff. 2/12/2021.