Acquisition, Development, etc., of Industrial Parks by City of Anniston.

Any provision of the Constitution or laws of the state of Alabama to the contrary notwithstanding, the governing body of the city of Anniston shall have full and continuing power and authority, to do any one or more of the following:

1. To acquire and develop one or more parcels of land as the site or sites for an industrial park or industrial parks; and to expend or grant public money and things of value for such acquisition and development. The development of land as the site for an industrial park shall be deemed to include the provision of water, sewage, drainage, transportation, power and communication facilities, and other similar facilities, which are incidental to the use of the land as an industrial park, and also shall be deemed to include the provision of structures or buildings of any kind or type whatsoever relating to the use of the land, structures and/or buildings as an industrial park.

2. To sell to any person, firm, partnership, corporation or other entity all or any part of any land, together with the improvements thereon, held by it as an industrial park; provided, however, that no such sale may be made for less than the reasonable market value of the property so sold, as such value may be established by the appraisals of at least two independent appraisers. Prior to making any sale of any property comprising all or part of an industrial park, said city shall cause appraisals of the market value of the property to be so sold to be made by at least two independent appraisers, and shall cause a copy of each such appraisal to be filed in the permanent records of said city. Each such appraisal shall be made not earlier than 180 days prior to the consummation of such sale. In any case where each appraisal obtained pursuant to the provisions hereof sets forth a different value, the average of the market values stated in the separate appraisals shall be deemed to constitute the reasonable market value of the property.

3. This amendment shall be self-executing; but the legislature shall have the right and power by general, special or local act to adopt laws supplemental to this amendment or in furtherance of the purposes and objectives hereinabove set forth.

4. Said city shall not make any engagement or commitment or undertake any project under the provisions hereof unless and until the proposition has been approved and recommended to the governing body of said city by a majority vote of all the members of the industrial development board of the city of Anniston, or its successor, at a duly convened meeting of said board, said approval and recommendation to be evidenced by a certified copy of a resolution duly passed and adopted by said board and delivered to the city clerk of said city and unless and until the governing body of said city passes and adopts an ordinance approving and authorizing such proposition. Provided, however, no ordinance shall be passed and adopted by the governing body of said city under the provisions hereof unless and until the proposed ordinance has been published at least once a week for three consecutive weeks in a newspaper of general circulation published within said city, together with a notice stating the time and place that the ordinance is to be considered by said governing body and stating further at such time and place all persons who desire shall have an opportunity of being heard in favor of or in opposition to such ordinance. The first publication of the proposed ordinance, together with said notice, shall be made not less than 18 days in advance of the passage and adoption of such proposed ordinance.