Title 11

Each corridor and the contractual agreements and financial obligations of the corridor shall be exempt from state laws governing usury or prescribing or limiting interest rates, including, but not limited to, Chapter 8 of Title 8. (Act 2024-308, §13.)

Each corridor, all contractual agreements made by the corridor, and any building or improvement of a project shall be exempt from state laws requiring competitive bids for any contract to be entered into by any public entity, including, but not limited to, Chapter 2 of Title 39 a…

(a) Except as provided in this chapter and specifically in subsection (b), a research and development corridor shall not be required to obtain the approval or consent of, or make any filing with, or provide notice to, the state or any state agency, department, or other instrument…

(a) A research and development corridor shall be subject to Chapter 25 of Title 36, but board members shall not be required to file a statement of economic interests under Section 36-25-14, or any successor to that law. (b) Except as otherwise provided in this chapter, a research…

A research and development corridor shall be a nonprofit corporation, and no part of a research and development corridor’s net earnings remaining after payment of its expenses shall inure to the benefit of any individual, firm, or corporation, except that in the event a board sha…

At any time when a research and development corridor has no financial obligations or other executory agreements outstanding, its board may adopt a resolution, which shall be entered upon its minutes, declaring that the corridor shall be dissolved. Upon filing for record of a cert…

The existence of a research and development corridor incorporated under this chapter shall not prevent the subsequent incorporation under this chapter of another corridor pursuant to authority granted by the same authorizing subdivision. (Act 2024-308, §19.)

AMENDED BY ACT 2026-550, EFFECTIVE JUNE 1, 2026. SEE ACT FOR REVISED LANGUAGE. (a) The Legislature finds and determines the public good, welfare, and economy of the state are best served by providing and encouraging the development, growth, improvement, and support of new and cre…

Not later than January 1, annually, each corridor shall submit a report detailing all activities, including the status of any qualified enterprise within the corridor and the audited financial statements submitted pursuant to Section 11-66A-12, to the Governor, the Lieutenant Gov…

The provisions of this chapter are cumulative and shall not be deemed to repeal existing laws; provided, however, this chapter shall supersede any other laws to the extent the laws are clearly inconsistent with the provisions of this chapter. (Act 2024-308, §21.)

If a qualified enterprise exists in the state, then the qualified enterprise, or any portion thereof, cannot relocate into a research and development corridor or otherwise be deemed or treated as a qualified enterprise unless the governing body of each municipality within whose c…

(a) Upon compliance with public notice requirements, the governing body of any subdivision, or the governing bodies of any two or more subdivisions, may authorize the incorporation and organization of a research and development corridor, located exclusively within the respective …

(a) Each corridor shall be governed by a board of directors that shall exercise, or authorize the exercise of, all powers of the corridor. (b) The board of each corridor shall consist of the number of directors provided in the certificate of incorporation. (c) Any natural person …

The officers of a research and development corridor shall consist of a chair, a vice chair, a secretary, a treasurer, and such other officers as its board deems necessary or desirable. The offices of secretary and treasurer may be held by the same individual. The chair and vice c…

In furtherance of a project, each corridor shall have all of the following stated powers together with all powers incidental to these powers and necessary to effect the proper exercise of the corridor: (1) To have succession in its corporate name for the duration of the corridor …

(a) Each corridor shall have, and may exercise as provided in Section 11-66A-6(12), the authority and power to assume, incur, or issue, at any time and from time to time, any financial obligation or financial obligations, without limitation as to aggregate principal amount, as th…

(a) Each financial obligation or obligations of a research and development corridor shall be a limited obligation of the corridor payable solely from the sources of payment specified therein, subject to the limitations and provisions thereof, including, but not limited to, the is…

(a) A research and development corridor shall constitute a “unit” for purposes of Article 17 of Chapter 6 of Title 6. A research and development corridor, in the determination of the board, may file a petition with respect to any financial obligation or financial obligations ther…