(a) The board shall have all of the powers necessary to carry out and effectuate the purposes of this article. The foregoing sentence shall be construed broadly, so that the failure to state a power of the board shall not be considered a limitation upon the board, so long as the board shall find that the power is necessary to allow the board to fulfill the purpose of the corporation, as provided by this article. In the event that the board should determine to add one or more powers, they may do so by amending their application of formation. Without limiting the generality of the foregoing, the board shall have and exercise all of the following powers:
(1) Recognize that the economy of today will not exist tomorrow and implement policies that help this state, and residents of this state, embrace that future.
(2) Take actions to make this state a hub for technology, innovation, and entrepreneurship by partnering with the private sector, state agencies, and state policy makers to develop and implement programs and policies that will lead to a more robust and inclusive economy for this state.
(3) Support, financially and otherwise, the establishment or growth, or both, of all of the following:
a. Marketing and branding the state including, but not limited to, the state’s business climate, the state’s tax rates and structures, the state’s innovation-focused incentives and abatements, the state’s business related programs, and the state’s innovation and entrepreneurial ecosystems.
b. Pursuing and supporting commercialization, entrepreneurship, research and development, and technology transfer facilities, funding, incentives, partnerships, events and programs
,
including, but not limited to, all of the following:
1. Creating, operating, and supporting accelerator or similar programs
,
including, but not limited to, university and corporate focused accelerator or similar programs.
2. Developing programming, incubators, and accelerators that serve this state’s startups and their founders, and disseminating both in person and online.
3. Creating, operating, and supporting industry focused research and development centers established by public universities in collaboration with existing industry in Alabama.
c. Incentivizing and providing funding to innovative businesses or programs that support innovation in this state’s economy
,
including, but not limited to, the following:
1. Assisting recipients of Small Business Innovation Research and Small Business Technology Transfer Research funding.
2. Encouraging pre-seed, seed, venture capital, and private equity funding activity in this state.
3. Supporting community development financial institutions that serve residents of this state.
4. Supporting qualified STEM teachers and technology staff teaching and working in rural or otherwise under-performing or under-resourced schools in this state.
d. Engaging in rural initiatives that support innovation
,
including, but not limited to, the creation, operation, and support of entrepreneurial centers, and marketing rural quality of life and recreational opportunities.
e. Creating, operating, and supporting research and development of a 21st-Century transportation system that reflects emerging technologies and multi-modal concepts.
f. Attracting, recruiting, and retaining skilled workers, STEM workers, and other in-state and out-of-state two-year and four-year college, university, and community college graduates, and engaging in other innovation focused workforce development activities.
g. Supporting businesses owned or led, or both, by aspiring Alabamians.
h. Supporting businesses headquartered in census tracts that satisfy the definition of
low-income communities
found in 26 U.S.C. § 45D(e)
as those communities were identified as of January 1, 2015, or in such a community identified thereafter
.
(4) Adopt, alter, and repeal bylaws for the regulation and conduct of the corporation’s affairs and business, and for the implementation of this article.
(5) Take actions as may be necessary or convenient to accomplish any purpose of the corporation, or to exercise any power of the corporation.
(6) Make and enter into contracts, leases, and agreements, and take other actions as
in its judgment
may
be necessary or desirable to accomplish any purpose, and to exercise any power necessary for the accomplishment of the purposes of the corporation or incidental to the powers expressly set forth in this article.
(7) Appoint, employ, and contract with employees, agents, advisors, consultants, and service providers
,
including, but not limited to, attorneys, accountants, financial experts, and other advisors, consultants, and agents as
in its judgment
may
be necessary or desirable to accomplish any purpose of the corporation or incidental to the powers expressly set forth in this article, and to fix the compensation of those persons.
(8) Manage, invest, and expend capital from the fund, as provided in Section 41-10-806, and to provide for the indemnification of directors.
(9) Use the financial resources of the corporation to purchase, lease, or otherwise acquire real and personal property, and to use, develop, operate, lease, or convey those properties, as
in its judgment
may
be necessary or desirable to accomplish any purpose of the corporation or incidental to the powers expressly set forth in this article.
(10) Lend its credit to, or grant public monies and things of value in aid of or to, any individual, firm, corporation, or other business entity, public or private, as in its judgment may be necessary or desirable to accomplish any purpose of the corporation or incidental to the powers expressly set forth in this article.
(11) Promote and solicit taxpayer donations for tax credits that promote innovation in the state.
(12) Take any action necessary to exercise its rights or fulfill its obligations relevant to the corporation under state law.
(b) The board shall create an advisory committee which shall provide information and make recommendations to the board concerning the implementation of this article. The advisory committee shall have no legal authority or other responsibility over the actions of the corporation. The board shall coordinate its appointments
to assure the advisory committee membership is inclusive and reflects the
racial,
gender,
geographic
, urban, rural, and economic diversity of the
state. The members of the advisory committee shall serve at the pleasure of the board. The board shall appoint one member of the advisory committee to serve as the chair of the advisory committee, and meetings of the advisory committee may be called by its chair or by the board. Members of the advisory committee may participate in a meeting of the committee in person, by means of telephone conference, video conference, or other similar communications equipment so that all individuals participating in the meeting may hear each other at the same time. Participation by any such means shall constitute presence in person at a meeting for all purposes, including for purposes of establishing a quorum, and the affirmative vote of a majority of the members in attendance shall be necessary for any action of the advisory committee. The committee and its members shall not be subject to Chapter 25 or 25A of Title 36 nor Section 36-12-40.
(c) The board may enter into agreements with one or more economic development and innovation entities to exercise all powers of the corporation, if the agreement does both of the following:
(1) Requires regular reporting to the corporation by the economic development and innovation entity.
(2) Allows for the overhead costs of the economic development and innovation entity to be reimbursed or otherwise paid only if directly related to the fulfillment of the agreement, as determined by the corporation.
(d)(1) The board may make, enter into, and execute contracts, agreements, and other instruments with, accept aid and grants from, and cooperate with, any other person or entity
,
including, but not limited to, all of the following:
a. The United States of America, the state, or any agency, instrumentality, or political subdivision of either.
b. For-profit or nonprofit private entities.
c. Public bodies, departments, or authorities
,
including, but not limited to, the executive departments of the state, to act on behalf of the board in carrying out functions which the board determines are consistent with the corporation’s powers.
(2) Without limiting the foregoing, the corporation may enter into an agreement with the Alabama Department of Economic and Community Affairs pursuant to which the corporation may exercise all rights, powers, and obligations of the department relating to opportunity funds under Sections 40-18-6.1 and 41-10-46.01. Project agreements under Section 40-18-6.1, shall not be required to comply with Section 40-18-6.1(c). Project agreements under Sections 40-18-6.1 and 41-10-46.01 include investments in qualified opportunity zones as defined in 26 U.S.C. § 1400Z-1 and low-income communities as defined in 26 U.S.C. § 45D(e)
as those communities were identified as of January 1, 2015, or in such a community identified thereafter
.
(e) The corporation shall be, and shall operate as, a public corporation and shall have a legal existence separate and apart from the state and any county, municipality, or political subdivision.
(f) Members of the board shall be subject to Chapter 25 of Title 36, but the corporation shall not be deemed to have statewide jurisdiction for purposes of Section 36-25-14. For the purposes of Chapter 25 of Title 36, the corporation shall not be deemed a business, and a public official or public employee holding a position with the corporation is not precluded from taking official actions affecting the corporation so long as there is no impermissible personal gain. The board shall be subject to Chapter 25A of Title 36.