§ 11-92-5 — Sale, Etc., by Municipalities or Counties of Property or Interests in Property; Ownership of Parks by Municipalities or Counties

Alabama § 11-92-5

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 92: Industrial Parks

Text

(a) Any municipality or county shall have the power to sell and grant options to acquire any property or interest in property acquired under the provisions of this chapter.
(b) The sales price of any part of an industrial park shall be no less than the greater of the consideration for purchase paid by the participants plus the cost of all improvements made in the development of the property and the costs of financing the acquisition and development, other than interest on any warrants, prorated on the basis of the acreage involved, or the then fair market value of the property to be sold as determined by an appraisal filed with each participant by a real estate appraiser whose appraisals are accepted by local lending institutions.
(c) It is not the intention of this chapter to authorize any county or municipality to take permanent title to an industrial park, but only for the purpose of eventual transfer to a private industrial or commercial enterprise or a public entity involved in industrial or commercial development.

Legislative History

(Acts 1977, No. 694, p. 1223, §5.)