Ala. Code § 10A-NEW

Current with legislation from 2024 effective through July 1, 2024.

Section 10A-NEW - Definitions

When used in this act, the following terms have the following meanings unless the context clearly indicates otherwise:

(1) APPLICANT. Each natural person who is an elector of the authorizing subdivision and who has executed and filed a written application with the governing body of any subdivision for the incorporation of a research and development corridor.

(2) AUTHORIZING RESOLUTION. A resolution adopted by the governing body of a subdivision to authorize the incorporation of a research and development corridor with powers to operate within the corporate limits of the subdivision.

(3) AUTHORIZING SUBDIVISION. Any municipality the governing body of which has adopted an authorizing resolution.

(4) BOARD. The board of directors of a research and development corridor.

(5) CORPORATE PERSON. Any corporation, partnership, association, or organization which may be incorporated or organized under any chapter of Title 10 of the Code of Alabama 1975, or under the laws of any state of the United States.

(6) CORRIDOR. A research and development corridor incorporated pursuant to this act as a public corporation.

(7) DIRECTOR. A natural person who is member of the board of directors of a corridor.

(8) ELIGIBLE FUNDS. Any of the following:

1. Any federal funds received by the corridor, by grant or otherwise, for use in support of the corridor or its operations.

2. Any state appropriations, grants, or other public and private sources of funds made available for the public purposes of the corridor.

(9) ELIGIBLE TAXES. Any tax, fee, or charge levied or imposed by an authorizing subdivision within the geographical boundaries of a corridor, other than:

1. Taxes levied for public school purposes; or

2. Incremental ad valorem taxes levied within a tax increment district and required by state law to be paid to the tax increment district.

(10) FINANCIAL OBLIGATION. Any contractual obligation of any person, whether direct, indirect, or contingent, to pay or provide money to, or for the benefit of, any person or persons, as evidenced by any agreement or instrument, including, but not limited to, any bond, certificate, economic incentive grant agreement, funding or guaranty agreement, installment sale agreement, lease agreement, negotiable instrument, note, or warrant.

(11) GOVERNING BODY. The elected group of natural persons which is organized for the purposes of exercising the legislative functions and powers of a public entity.

(12) NATURAL PERSON. A natural person who is 21 years of age or older.

(13) PERSON. Collectively, corporate persons, natural persons, and public entities.

(14) PRINCIPAL OFFICE. The principal office of a research and development corridor, which shall be located within the corporate limits of an authorizing subdivision, as stated in the certificate of incorporation.

(15) PROJECT. Any activity undertaken, or property acquired or provided in whole or in part, by a research and development corridor for the establishment, benefit, or support of a qualified enterprise located within the corporate limits of an authorizing subdivision that adopted an authorizing resolution to create the corridor.

(16) PROPERTY. Any tangible or intangible property and interests therein, including all property characterized under state law as real, personal, or mixed.

(17) PUBLIC CORPORATION. Any public corporation or public body corporate organized under the laws of the state other than a municipal corporation.

(18) PUBLIC ENTITY. Any county or municipality, any political subdivision or other instrumentality of the state, and any public corporation.

(19) PUBLIC NOTICE REQUIREMENTS. Notice and the holding of a public meeting by a research and development corridor, an authorizing subdivision, or another public entity that proposes to exercise the authority granted under Section 10 or 12, at which time the corridor, authorizing subdivision, or such other public entity proposes to take an action, as authorized pursuant to this act. Notice shall be by publication at least seven days prior to the public meeting in a newspaper of general circulation in the authorizing subdivision or by electronic posting on the primary public website of the authorizing subdivision, which describes in reasonable detail the applicable action proposed to be taken by the corridor and the authorizing subdivision, the public benefits expected to be achieved by the applicable action, and the person or persons expected to benefit by the applicable action

(20) QUALIFIED ENTERPRISE. Any activity, business, or trade that is described in one of the following categories:

a. Advanced Manufacturing:

(i) aerospace/aviation;

(ii) automotive;

(iii) agriculture products/food production;

(iv) metal and advanced metals;

(v) chemicals;

(vi) forestry products;

(vii) alternative energy, battery/fuel cell, and similar facilities.

b. Bioscience:

(i) medical equipment and supplies;

(ii) pharmaceuticals;

(iii) biotechnology.

c. Foundational Targets:

(i) cybersecurity;

(ii) data centers;

(iii) distribution/logistics;

(iv) information technology;

(v) research and development.

d. Education: Educational research, development, or other areas of higher education.

e. Corporate operations for any of the foregoing.

(21) SUBDIVISION. Any municipality.

Ala. Code § 10A-NEW (1975)

Added by Act 2024-308,§ 1, eff. 5/9/2024.