Section 41-10-47.03 - Application for site assessment grant; findings; project agreements(a) Any local economic development organization may apply to the authority for a site assessment grant.(b) Before making a site assessment grant, the authority shall make all of the following findings:(1) The site is owned by a local economic development organization, or a local economic development organization has an option to purchase the site.(2) The site is at least 50 acres.(3) 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 assessment grant. Ala. Code § 41-10-47.03 (1975)
Amended by Act 2023-512,§ 4, eff. 6/14/2023.Added by Act 2023-35,§ 1, eff. 4/20/2023.