The Legislature finds and declares all of the following:
(1)The State of Alabama has a great need to ensure the long-term viability of the state’s economic development successes.
(2)Other states have had significant success in economic development by involving the private sector in long-term planning to help identify and fill strategic gaps in states efforts that are not currently addressed by existing agencies, ensuring a comprehensive approach to economic growth and development.
(3)It is believed that by taking advantage of private sector expertise and support that exists within many chambers of commerce and other organizations, the state will be able to develop initiatives more rapidly and efficiently.
(4)By leveraging the strengths of both the public and private sectors, the state
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The Legislature finds and declares all of the following:
(1) The State of Alabama has a great need to ensure the long-term viability of the state’s economic development successes.
(2) Other states have had significant success in economic development by involving the private sector in long-term planning to help identify and fill strategic gaps in states efforts that are not currently addressed by existing agencies, ensuring a comprehensive approach to economic growth and development.
(3) It is believed that by taking advantage of private sector expertise and support that exists within many chambers of commerce and other organizations, the state will be able to develop initiatives more rapidly and efficiently.
(4) By leveraging the strengths of both the public and private sectors, the state can foster a more collaborative and efficient approach to economic development, leading to more innovative and effective solutions.
(5) A public-private partnership can supplement existing state efforts to focus on the development of specific, high-growth industries where Alabama has competitive advantages, ensuring the state becomes a national or global leader in these sectors.
(6) By focusing on long-range planning, the public-private partnership can ensure that Alabama’s economic development efforts are sustainable and forward-thinking, thus providing stability and predictability for businesses and investors.
(7) States with proactive economic development strategies, such as public-private partnerships, can be more successful in attracting investment. Creation of a similar model will help give Alabama a competitive edge in the national and global market, helping to attract significant business investments.
(8) It is desirable and in the public interest to establish a public corporation governed by a board of public and private leaders to be a part of the state’s economic development strategies designed to sustain and enhance Alabama’s long-term success, growth, and viability of its economic development policies.