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 bonds, 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 by a real estate appraiser whose appraisals are accepted by local lending institutions.
Structure Code of Alabama
Article 9 - Economic and Industrial Development and Tourism.
Section 45-49-90 - Definitions.
Section 45-49-90.01 - Purpose; Liberal Construction.
Section 45-49-90.02 - Authority to Incorporate; Participation of Municipality.
Section 45-49-90.03 - Certificate of Incorporation - Requirements.
Section 45-49-90.04 - Certificate of Incorporation - Filing, Approval, and Recording.
Section 45-49-90.05 - Certificate of Incorporation Amendments.
Section 45-49-90.06 - Board of Directors.
Section 45-49-90.07 - Powers of Corporation; Location of Industrial Park.
Section 45-49-90.08 - Bonds of the Corporation.
Section 45-49-90.09 - Notice of Bond Resolution.
Section 45-49-90.10 - Liability of County or Municipalities.
Section 45-49-90.11 - Earnings of the Corporation.
Section 45-49-90.12 - Dissolution of Corporation.
Section 45-49-90.13 - Recording of Instruments.
Section 45-49-90.14 - Exemption From Taxation.