1. (a) The board shall have all of the powers necessary to carry out and effectuate the purposes of this article including the following powers:

   1. (1) Provide input and support on the development, monitoring, and updating of the long-range economic development vision and strategies of the state.
   2. (2) Support the development and implementation of objectives and key tactics to achieve the long-range economic development vision and strategies of the state.
   3. (3) Identify opportunities and make recommendations to the Governor regarding the coordination of economic development efforts between state agencies, private organizations, and other economic development entities and stakeholders.
   4. (4) Provide input and support related to the establishment of a communication plan to ensure key stakeholders are periodically informed on economic development progress and results.
   5. (5) Provide input and support in regards to biennially measuring the effectiveness of key economic development incentives, which shall include, but not be limited to, the Alabama Jobs Act, the Growing Alabama Act, the Innovating Alabama Act, the Site Evaluation Economic Development Strategy, and the Tax Incentive Reform Act of 1992, in cooperation with the Joint Legislative Advisory Committee on Economic Incentives or any third party contracted with by that committee.

   6. (6) Provide input on and support to implement the following economic development objectives:

      1. a. Increasing private investment in Alabama.
      2. b. Advancing international and domestic trade opportunities.
      3. c. Marketing the state as a pro-economic growth location for new investment.
      4. d. Revitalizing, retaining, and expanding Alabama’s manufacturing industries, and promoting emerging complementary industries.
      5. e. Assisting, promoting, and enhancing economic opportunities in the state’s rural communities.
      6. f. Promoting opportunities for minority-owned businesses.
      7. g. Identifying economic growth opportunities in emerging sectors.
      8. h. Recognizing the unique natural resources of Alabama, promoting and supporting ecotourism opportunities in the state in order to enhance the state’s attractiveness for a skilled workforce.
   7. (7) Adopt, alter, and repeal bylaws for the regulation and conduct of the corporation’s affairs and business, and for the implementation of this article.
   8. (8) Make and enter into contracts, leases, and agreements and take other actions as may in its judgment be necessary or desirable to accomplish the purposes of the corporation 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.
   9. (9) 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 may in its judgment 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.
   10. (10) Manage, invest, and expend funds at its disposal.
   11. (11) Grant monies and things of value in aid of or to any individual, firm, corporation, or other business entity, public or private, as may in its judgment be necessary or desirable to accomplish any purpose of the corporation or incidental to the powers expressly set forth in this article.
   12. (12) Take any action necessary to exercise its rights or fulfill its obligations relevant to the corporation under state law.
   13. (13) In addition to subdivisions (1) through (12), shall have all of the powers necessary to carry out and effectuate the purposes of this article; provided, that nothing in this article shall be construed to authorize the board to exercise any power conferred by law on any agency, department, office, or other instrumentality of state government.

2. (b) The board may enter into agreements with one or more economic development entities to assist the corporation with: (i) periodic evaluation of Alabama’s competitiveness with other states; and (ii) developing and analyzing global, national, state, and sector economic trends and conditions to support strategic planning. In undertaking any of the foregoing, the agreement shall accomplish both of the following:

   1. (1) Require regular reporting to the corporation by the economic development entity.
   2. (2) Allow for the reasonable costs of the economic development entity to be reimbursed or otherwise paid only if directly related to the fulfillment of the agreement, as determined by the corporation.

3. (c) 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:

   1. (1) The United States of America, the state, or any agency, instrumentality, or political subdivision of either.
   2. (2) For-profit or nonprofit private entities.
   3. (3) 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.
4. (d) 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.

(Act 2024-309, §2.)