Ala. Code § 11-54-136 Additional Powers of Boards in Class 2 Municipalities.
11-54-136. Additional Powers of Boards in Class 2 Municipalities.
(a) For the purposes of this section, the following terms have the following meanings:
(1) AUTHORIZING MUNICIPALITY. A Class 2 municipality.
(2) DEVELOPMENT PROJECTS. Any interests in land, buildings, structures, facilities, or other improvements and any fixtures, machinery, equipment, furniture, or other property of any nature whatsoever used on, in, or in connection with any land, interest in land, building, structure, facility, or other improvement for the essential public purpose of the development of trade, commerce, industry, and employment opportunities in the corporate limits of the authorizing municipality for any industrial, commercial, business, office, parking, utility, residential, including, without limitation, homes, apartments, town houses, condominiums, hotels, and motels, or other use, provided that a majority of the members of the board determine, by a resolution duly adopted, that the development project and the use thereof would further the public purpose of this section. Any such resolution shall include findings that the primary purpose of the development project is to advance one or more public purposes of this section, including, without limitation: (i) the creation or retention of employment opportunities through the promotion of industry and development of trade; (ii) the expansion or diversification of the tax base; (iii) the elimination of blight or underutilized property; (iv) the provision of facilities that support industrial or economic development; or (v) the support of housing reasonably related to workforce needs or economic growth within the municipality.
(3) INDUSTRIAL DEVELOPMENT BOARD ACT. Both of the following:
a. Division 1 of this article.
b. This division.
(4) INDUSTRIAL DEVELOPMENT BOARD. Any public corporation now in existence or hereafter organized pursuant to the Industrial Development Board Act in a Class 2 municipality.
(b) The purpose of this division is to grant industrial development boards organized in a Class 2 municipality, whether existing or formed after June 1, 2026, in addition to those powers conferred on them, the power to issue and sell bonds and to acquire, construct, expand, improve, replace, equip, maintain, operate, lease, and dispose of development projects. This section shall be liberally construed to carry out its powers.
(c) In addition to any powers that are conferred on industrial development boards by the Industrial Development Board Act, each industrial development board within a Class 2 municipality shall have the following powers with respect to any development project:
(1) Any power that is conferred on industrial development boards by the Industrial Development Board Act.
(2) To finance, by loan, grant, lease, or otherwise, construct, erect, assemble, purchase, acquire, own, repair, remodel, renovate, rehabilitate, modify, maintain, extend, improve, install, sell, equip, expand, add to, operate, or manage development projects.
(3) To pay the cost of any development project from the proceeds of bonds, or any other funds of the board, or from any contributions or loans by the state or any municipality, county, or public agency, persons, or other entities, all of which the board may receive and accept and use.
(4) To loan the proceeds of any bonds issued by the board or other funds available to it to pay all or part of the cost of any development project and otherwise to further or carry out the public purpose of the board.
(Act 2026-360, §1.)