(a) The powers conferred by this division shall be cumulative of and in addition to all powers heretofore conferred on industrial development boards by the Industrial Development Board Act.
(b) In addition to any other powers conferred by this division, in order to encourage economic and industrial development and to promote the creation of jobs within any Class 1 municipality, any industrial development board in a Class 1 municipality whose directors are elected by the governing body of the Class 1 municipality that grants a tax abatement pursuant to Chapter 9B of Title 40, may charge an administrative fee in an amount not to exceed .0025 percent of the total estimated investment amount for the project up to an estimated investment amount of forty million dollars ($40,000,000) as reflected in the application for abatement of taxes submitted to a board by a private entity, business, or other private user, as defined in Section 40-9B-3. Notwithstanding any other provision of law, an administrative fee received pursuant to this subsection shall be retained and used by the board for economic or industrial development data mining; data-driven economic or industrial development projects; the location, development, or acquisition of potential industrial sites or industrial parks; and for other lawful purposes for which the industrial development board is authorized to use funds pursuant to this division.
Last modified: May 3, 2021