(a)Innovate Alabama shall consider the application provided in subsection (a) of Section 41-1-842, and may approve the application if the applicant is deemed eligible. As to applications for projects located in communities which have the potential to provide additional funding separate from the Innovating Alabama tax credits, Innovate Alabama shall take into consideration whether the separate funding is to be provided to the project that is the subject of the application.
(b)The approval of an application by Innovate Alabama shall specify the amount of money which the economic development organization is allowed to receive so that the economic development organization can complete the project specified in the application.
(c)Following approval by Innovate Alabama, Innovate Alabama shall
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(a) Innovate Alabama shall consider the application provided in subsection (a) of Section 41-1-842, and may approve the application if the applicant is deemed eligible. As to applications for projects located in communities which have the potential to provide additional funding separate from the Innovating Alabama tax credits, Innovate Alabama shall take into consideration whether the separate funding is to be provided to the project that is the subject of the application.
(b) The approval of an application by Innovate Alabama shall specify the amount of money which the economic development organization is allowed to receive so that the economic development organization can complete the project specified in the application.
(c) Following approval by Innovate Alabama, Innovate Alabama shall enter into an agreement with the economic development organization which shall do all of the following:
(1) Require the economic development organization to use funding received as a result of this article only for the purposes approved by Innovate Alabama as expressed in the agreement.
(2) Require the economic development organization to make periodic reports, not more often than annually, to Innovate Alabama, on the disposition of the funds. The report shall also include an economic impact report.
(3) Require the economic development organization to provide a review of its financial accounts as directed by Innovate Alabama.
(d) For any approved applications, Innovate Alabama shall notify the Department of Revenue of the information specified in subsection (b).