Section 40-18-417.2
APPLICATIONS.
(a)(1) A local economic development organization which owns a site may apply to the Department of Commerce for funding to solve an inadequacy involving the site. The application by the local economic development organization shall include at least one of the following:
a. If there is a pending expression of interest about the site from an industry or business, a list of the site preparation or public infrastructure work needed to make the site acceptable to the industry or business.
b. If the site has been offered to one or more industries or businesses but the offer did not result in the industry or business locating on the site, a list of the site preparation or public infrastructure work which, if it had been completed, would have made the site acceptable to the industries or businesses.
c. If the site is an industrial or research park which needs connections to interstates, highways, roadways, rail systems, or sewer, fiber, electrical, gas, or water infrastructure, a list of the site preparation or infrastructure work needed.
d. Capital improvements or economic development activities at an inland port or intermodal facility, as described in Section 40-18-417.1; provided that the application is accompanied by an economic impact report on such improvements or activities.
e. Any site improvement or public infrastructure work in census tracts that meets the definition of low-income communities pursuant to 26 U.S.C. § 45D(e).
(2) An economic development organization may apply to the Department of Commerce for funding to undertake any of the following issues:
a. The creation, operation, or support of an accelerator for technology companies, provided that the application is accompanied by an economic impact report. Technology companies shall include companies which earn or reasonably expect to earn at least 75 percent of their revenues from sources described in Section 40-18-376.3(c)(1).
b. The construction, maintenance, promotion, operation, management, leasing, and subleasing of an agricultural center which includes a multi-use facility and related commercial and noncommercial structures for livestock, equestrian, small animal shows and events, spectator events, trade shows, educational conferences, agricultural and agricultural related industries, educational, demonstrational or training purposes, educational and training conferences or events, recreational vehicle rallies, recreational vehicle multi-day parking, hosting of corporate and non-corporate organization meetings, use as fair grounds, operation of retail activities, and other events and facilities expected to draw participants and spectators from states located across the southeastern United States, with a projected total annual economic impact upon completion of all phases of the agricultural center of at least thirty-five million dollars ($35,000,000) and with the related and supporting infrastructure and facilities having a projected capital expenditure upon completion of all phases of the agricultural center of at least one hundred million dollars ($100,000,000); provided that the application is accompanied by an economic impact report on the agricultural center.
c. The creation, operation, or support of programs designed to provide funding or other resources for businesses that are described in Section 40-18-376.4(c).
(b) For any site preparation or public infrastructure work provided in subdivision (a)(1), the application shall include quotes for the completion of the work, following compliance with the procedures set forth by the Department of Economic and Community Affairs, as if the organization were disbursing state funds received from the department.
(c) The application provided in paragraph (a)(1) a. or b. shall include an estimate of the number of jobs, wages, and capital investment which would have been undertaken by the industries or businesses referred to in paragraph (a)(1) a. or b.
(d) The application provided in subsection (a) shall include proof that the economic development organization has in full force and effect a conflict of interest policy consistent with that found in the instructions to Form 1023 issued by the Internal Revenue Service.
(e) The application provided in subsection (a) shall include a notarized affirmation by an officer of the economic development organization that the submission of the application did not violate the conflict of interest policy referred to in subsection (d).
(Act 2021-2, §4.)