Section 40-18-417.3 - Approval of applications; agreements(a) Following a review, if the Department of Commerce should approve the application provided in subsection (a) of Section 40-18-417.2, it shall forward the application to the Renewal of Alabama Commission.(b) The Renewal of Alabama Commission shall consider the application and shall approve it if the commission deems it worthy of approval. As to improvements at industrial sites, the commission shall give preference to sites with at least 1,000 acres of available space. As to applications for projects located in communities which have the potential to provide additional funding separate from the Growing Alabama Credits, the commission shall take into consideration whether the separate funding is to be provided to the project that is the subject of the application. Meetings of the commission are subject to Chapter 25A of Title 36. Notwithstanding the foregoing, the commission may meet by telephone or some other telecommunications device so long as members of the public are allowed the opportunity to listen to or otherwise observe the commission's deliberations.(c) The approval of an application by the commission shall specify the amount of money which the economic development organization is allowed to receive so that it can complete the work specified in the application.(d) Following approval by the commission, the Department of Commerce shall enter into an agreement with the economic development organization which shall do all of the following:(1) Require the economic development organization to use funding received as a result of this law only for the purposes approved by the commission as expressed in the agreement.(2) Require the economic development organization to make periodic reports, not more often than annually, to the Department of Commerce and the commission, as required by the commission, on the disposition of the funds. As to a project described in subdivision (a)(1) of Section 40-18-417.2, the report shall include information on the marketing of the site, and the ultimate use of the site until such time as it makes a final report. As to a project related to inland ports or intermodal facilities as described in paragraph (a)(1) d. of Section 40-18-417.2 or a project related to [an agricultural center as described in subdivision (a)(2) of Section 40-18-417.2, the report shall include an economic impact report.(3) Require the economic development organization to provide a review of its financial accounts as directed by the Renewal of Alabama Commission.(e) For any approved applications, the Department of Commerce shall notify the Department of Revenue of the information specified in subsection (c).(f) The Department of Commerce shall publish on its website a list of all approved applications and a list of the economic development organizations that made the approved applications.Ala. Code § 40-18-417.3 (1975)
Amended by Act 2023-34,§ 2, eff. 4/20/2023.Added by Act 2021-2,§ 5, eff. 2/12/2021.