Alabama § 41-10-48.13 - Joint Application for Funding; Use of Funds.

§ 41-10-48.13. Joint Application for Funding; Use of Funds.

(a)(1) An electric provider and an economic development prospect or electric providers jointly may submit a joint application for funding from the strategic development fund if the provision of funding from the strategic development fund will facilitate an economic development project for a new or expanding industrial or commercial facility within the state subject to the requirement for uses in rural areas as set forth in Section 41-10-48.12(a).

(2) A joint application under this subsection must include:

a. A statement from the electric provider detailing the infrastructure improvements necessary to meet the prospect’s energy requirements; and

b. An assessment of economic impact, including projected job creation, capital investment, and state and local sales and property tax revenues generated from the strategic development project.

(3) During the term that the funding is being provided under this subsection, the economic development prospect and the electric provider shall submit an annual report to the authority detailing the progress of the approved strategic development project and the use of the financial assistance provided.

(4) If the economic development prospect withdraws, fails to commence operations, or materially alters its energy needs, the authority may enforce a contractual obligation against the economic development prospect for the authority’s provision of funding.

(b) The strategic development fund shall be used for the following purposes only:

(1) For the authority to enter into priority production placement agreements with key manufacturers of long lead-time electrical equipment, including, but not limited to, transformers, substations, switchgear, and specialized circuit breakers for an economic development prospect being recruited to or expanding in the state.

(2) Notwithstanding subsection (c), to provide funding for site-specific infrastructure development, including, but not limited to, the extension of transmission lines and pipelines; enhancements or expansions to substation capacity; the acquisition of rights-of-way for key transmission and pipeline infrastructure located near key industrial or commercial sites, as identified by the authority for development; and transformers, breakers, and other facilities necessary for processing, converting, and delivering such electricity into voltages necessary or useful for the economic development project.

(c) An electric provider shall not be eligible to be a direct recipient of funding from the strategic development fund.

(d) Any nonpublic or proprietary information included in an application by an economic development prospect or electric provider shall be subject to the Department of Commerce’s protections for such information, provided in Section 41-29-3.