SB470 Alabama 2012 Session

Existing law provides for the creation of tax increment districts by counties and municipalities as a means of developing blighted and economically distressed areas. Existing law provides that development projects that locate in the district receive certain tax incentives

This bill would authorize a Class municipality to designate certain real property as a Major 21st Century Manufacturing Zone. This bill would provide requirements to qualify as a zone and provide that projects within the zone would make tax increment payments for purposes of repaying tax incentives

This bill would provide that property within the zone would be developed for certain manufacturing purposes and would provide incentive for certain manufacturing projects that commit to develop or expand within the zone

To provide for the designation by Class municipalities of large contiguous tracts of underutilized real property as Major 21st Century Manufacturing Zones for certain manufacturing purposes; to provide capital, infrastructure improvements, capital improvements to existing facilities, and construction development of buildings and structures suitable for use as part of or in connection with certain manufacturing activities within the zone and in certain appurtenant areas; to provide a method for the funding of all or a portion of costs through tax increment financing by cities and counties; and to amend Sections 11-99-1, 11-99-2, 11-99-4, 11-99-5, 11-99-6, 11-99-8, and 11-99-10, Code of Alabama 1975, to authorize the provision of capital, public infrastructure improvements, and capital improvements to existing facilities; to authorize the provision of buildings and structures.